ADS TACTICAL: S&P Revises Outlook to Stable & Affirms 'B' CCR-------------------------------------------------------------Standard & Poor's Ratings Services said that it has revised itsoutlook on ADS Tactical Inc. to stable from negative. At the sametime, S&P affirmed its 'B' corporate credit rating on the company.

"The outlook revision reflects the improvement in ADS' liquidityprofile, as the company recently extended the maturity date of its$200 million ABL revolver to 2020 from March 2016," said Standard &Poor's credit analyst Chris Mooney. Management has also improvedthe company's operating efficiency and grown its market share inthe face of challenging U.S. defense budget conditions over thepast year, which has increased ADS' earnings and improved itscredit metrics. The company's debt-to-EBITDA metric declined to5.2x for the 12 months ended March 31, 2015, from 7.0x for the sameperiod in 2014, due in part to meaningful debt reduction infirst-quarter 2015. S&P expects the company's debt-to-EBITDAmetric to remain between 5.0x and 5.5x through 2016, with somefluctuation possible based on the timing of working capitalpayments.

The stable outlook reflects that S&P believes ADS' credit metricswill remain relatively steady over the next year, with somefluctuation possible depending on the timing of working capitalpayments. S&P anticipates that ADS will continue to secure newopportunities and increase its market share, but that its earningsgrowth will be limited by declining U.S. troop levels and industrypricing pressure as the U.S. Department of Defense moves to reduceits costs.

S&P could raise its rating on ADS if its debt-to-EBITDA metricimproves to less than 4.5x and its FFO-to-debt ratio rises above12% from continued improvement in the company's operationalperformance and higher-than-expected earnings.

AGRITEK HOLDINGS: Reports $760K Net Loss in 1st Quarter-------------------------------------------------------Agritek Holdings, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $760,000 on $7,221 of product revenue for the three months endedMarch 31, 2015, compared to a net loss of $236,000 on $19,500 ofproduct revenue for the same period last year.

The Company's balance sheet at March 31, 2015, showed $1.21 millionin total assets, $1.7 million in total liabilities, and astockholders' deficit of $494,000.

As of March 31, 2015 the Company had an accumulated deficit of$12.1 million and working capital deficit of $873,000. Theseconditions raise substantial doubt about the Company's ability tocontinue as a going concern, according to the regulatory filing.

Agritek Holdings is engaged in the digitization of patient recordsand distribution of hemp based nutritional products to themedicinal marijuana sector in the United States. The companyoperates in two segments, Merchant Services and Wholesale Sales. Its products include data management system, a technology platform,which enables consumers to file, store, and retrieve original andauthentic personal health documents through the Internet; andenergy and hemp ice tea drink products. The company also providesa range of solutions for electronically processing merchant andpatient transactions in the healthcare industry. In addition, itis involved in importing and distributing vaporizers ande-cigarettes under the Mont Blunt brand; and managing real propertyfor fully-licensed and compliant growers, and dispensaries inregulated medicinal and recreational markets. The company wasformerly known as MediSwipe, Inc. and changed its name to AgritekHoldings, Inc. in May 2014. Agritek Holdings, Inc. wasincorporated in 1997 and is based in West Palm Beach, Florida.

The Company reported a net loss of $2.01 million on $47,300 inrevenues for the year ended Dec. 31, 2014, compared to a net lossof $4.42 million on $144,000 of revenues in the same period lastyear.

Following the 2014 results, D. Brooks & Associates CPA's P.A.expressed substantial doubt about the Company's ability to continueas a going concern citing that the Company has incurred operatinglosses, has incurred negative cash flows from operations and has aworking capital deficit.

ALERE INC: S&P Assigns 'CCC+' Rating on $425MM Sr. Sub. Notes-------------------------------------------------------------Standard & Poor's Ratings Services assigned its 'CCC+' issue-levelrating to Alere Inc.'s proposed offering of $425 million of seniorsubordinated notes due in eight years. The recovery rating on thenotes is '6', reflecting S&P's expectation of negligible (0% to10%) recovery in the event of payment default. The company willuse proceeds from the note issuance to redeem existing seniorsubordinated notes.

Alere is a niche player in the life sciences industry, focusingprimarily on the professional diagnostics segment. Over the pastyear, Alere has had operating weaknesses due to sales declinesstemming from its customer mix and lackluster performance fromprior acquisitions. Expense reductions have offset some of theseissues, but highlighted the company's vulnerability in thecompetitive life science industry. The operating issues, thecompany's reliance on primarily one segment, and its niche positionsupport S&P's assessment of "weak" business risk profile.

S&P expects that Alere will use proceeds from asset sales to reducedebt and that, together with some EBITDA improvement, will modestlyimprove credit measures over the next 12 to 18 months. S&P'sbase-case assumption is that leverage will decline to 8x by the endof 2015 and roughly 7.5x by the end of 2016, inclusive of this debtissuance. Funds from operations (FFO) to total debt will still beless than 10% during this period and, together with leverage ofmore than 5x, will continue to support S&P's "highly leveraged"financial risk assessment.

The Company's disclosure statement is "another in a seeminglyendless list of attempts" by lenders to disenfranchise Mr. Burkle'sYucaipa Cos, which counts Robert Klyman of Gibson Dunn & Crutcheras one of its lawyers, funds affiliated with Yucaipa said indocuments filed with the U.S. Bankruptcy Court for the District ofDelaware on June 9, 2015,

As reported by the Troubled Company Reporter on May 8, 2015, theCompany and its debtor affiliates filed with the ankruptcy Court ajoint Chapter 11 plan of reorganization, co-proposed by theCommittee and the first lien agents. The Plan provides thatcertain of the Debtors' assets, the Litigation Trust Assets, willvest in the Allied Litigation Trust, and the remainder of theDebtors' assets, including the proceeds from the sale ofsubstantially all of the Debtors' assets, will either revest in theReorganized Debtors or be distributed to the Debtors' creditors.

Allied Systems, through its subsidiaries, provides logistics,distribution, and transportation services for the automotiveindustry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented theDebtors in the 2005 case. Allied won confirmation of areorganization plan and emerged from bankruptcy in May 2007with $265 million in first-lien debt and $50 million in second-lien debt.

The petitioning creditors said Allied defaulted on payments of$57.4 million on the first lien debt and $9.6 million on thesecond. They hold $47.9 million, or about 20% of the first-liendebt, and about $5 million, or 17%, of the second-lien obligation.They are represented by Adam G. Landis, Esq., and Kerri K.Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

The bankruptcy court process does not include captive insurancecompany Haul Insurance Limited or any of the Company's Mexican orBermudan subsidiaries. The Company also announced that it intendsto seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed inthe case. The Committee consists of Pension Benefit GuarantyCorporation, Central States Pension Fund, Teamsters NationalAutomobile Transporters Industry Negotiating Committee, andGeneral Motors LLC. The Committee is represented by Sidley AustinLLP.

In January 2014, the U.S. Trustee for Region 3 appointed a three-member Official Committee of Retirees.

Yucaipa Cos. has 55% of the senior debt and took the position ithad the right to control actions the indenture trustee would takeon behalf of debt holders. The state court ruled in March 2013that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court also gave the officialcreditors' committee authority to sue Yucaipa. The suit includesclaims that the debt held by Yucaipa should be treated as equityor subordinated so everyone else is paid before the Los Angeles-based owner. The judge allowed Black Diamond to participate in thelawsuit against Yucaipa and Allied directors.

Allied Systems Holdings, Inc., changed its name to ASHINCCorporation.

AMEDICA CORP: Has $5.38-Mil. Net Loss for March 31 Quarter----------------------------------------------------------Amedica Corporation filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $5.38 million on $4.74 million of product revenue for the threemonths ended March 31, 2015, compared with a net loss of $4.71million on $5.78 million of product revenue for the same period in2014.

The Company's balance sheet at March 31, 2015, showed $43.7 millionin total assets, $40.5 million in total liabilities, andstockholders' equity of $3.18 million.

For the three months ended March 31, 2015 and 2014, the Companyincurred used cash in operations of $3 million and $2 million,respectively. The Company had an accumulated deficit of $177.9million and $172.5 million at March 31, 2015 and Dec. 31, 2014,respectively. To date, the Company's operations have beenprincipally financed from proceeds from the issuance of preferredand common stock, convertible debt and bank debt and, to a lesserextent, cash generated from product sales. It is anticipated thatthe Company will continue to generate operating losses and use cashin operations through 2015. The Company's ability to accesscapital when needed is not assured and, if not achieved on a timelybasis, will materially harm its business, financial condition andresults of operations. These uncertainties create substantialdoubt about the Company's ability to continue as a going concern.

Amedica Corporation, a commercial-stage biomaterial company,develops, manufactures, and sells a range of medical devices inthe United States. It offers Valeo silicon nitride interbodyspinal fusion devices for use in the cervical and thoracolumbarareas of the spine; Valeo stand-alone anterior lumbarintervertebral fusion device; and a line of non-silicon nitridespinal fusion products used by surgeons to promote bone growth andfusion in spinal fusion procedures. The company also developsfemoral heads for use in its total hip replacements; and femoralcondyle components for use in its total knee replacements. Itmarkets and sells its products to surgeons and hospitals in theUnited States, Europe, and South America through a network ofindependent sales distributors. The company has research anddevelopment agreement with Kyocera Industrial Ceramics Corporationto manufacture silicon nitride-based spinal fusion products andproduct candidates. Amedica Corporation was founded in 1996 andis headquartered in Salt Lake City, Utah.

The recovery prospects for first-lien lenders under the proposedcredit facilities are lower than recovery prospects on thecompany's existing first-lien facility because of the higher amountof first-lien debt outstanding at the time of default than underS&P's previous default scenario. S&P's enterprise valuationremains unchanged from its prior analysis.

The company will use proceeds from the new term loan, along withcash on hand, to refinance its existing $215 million ($181 millionoutstanding as of March 31, 2015) first-lien term loan and $120 million second-lien term loan, and to pay transaction fees andexpenses and early call premiums. S&P plans to withdraw itsratings on the existing first- and second-lien debt once theproposed transaction closes and the debt is repaid.

"Our 'B+' corporate credit rating and stable outlook on ACEP areunchanged. We expect the transaction will improve EBITDA interestcoverage closer to 4x from our previous expectation of around 3x atthe end of 2015 and improve free operating cash flow generation. We anticipate ACEP will continue to use free cash flow to repaydebt helping to further improve credit measures through 2016. Wenow expect leverage to improve to the high-3x area by the end of2016 from the low-4x area at the end of 2015, resulting from acombination of debt repayment, along with high-single-digit growthin EBITDA in 2015 and low- to mid-single digit growth in EBITDA in2016. Notwithstanding the improvement in credit measures, ACEP iscontrolled by real estate investment funds affiliated with GoldmanSachs and we expect the company's financial policy will remainconsistent with our "aggressive" financial risk assessment, namelysustaining leverage in the 4x to 5x range. We believe it unlikelythat ACEP will sustain leverage below 4x over the long term," S&Psaid.

RECOVERY ANALYSIS

Key analytical factors:

S&P's simulated default scenario contemplates a default in 2019,reflecting a significant decline in cash flow as a result of aprolonged economic downturn and increased competitive pressures.

S&P assumes a reorganization following the default, using anemergence EBITDA multiple of 6x to value the company.

AMERICAN POWER: Conference Call Held to Provide Company Update--------------------------------------------------------------American Power Group Corporation held a telephonic conference callon May 20, 2015, to provide an update on the Company to investors.A copy of the transcript of the conference call is available forfree at http://is.gd/SZVh9p

About American Power Group

American Power Group's alternative energy subsidiary, AmericanPower Group, Inc., provides a cost-effective patented TurbochargedNatural Gas conversion technology for vehicular, stationary andoff-road mobile diesel engines. American Power Group's dual fueltechnology is a unique non-invasive energy enhancement system thatconverts existing diesel engines into more efficient andenvironmentally friendly engines that have the flexibility to runon: (1) diesel fuel and liquefied natural gas; (2) diesel fuel andcompressed natural gas; (3) diesel fuel and pipeline or well-headgas; and (4) diesel fuel and bio-methane, with the flexibility toreturn to 100 percent diesel fuel operation at any time. Theproprietary technology seamlessly displaces up to 80% of thenormal diesel fuel consumption with the average displacementranging from 40 percent to 65 percent. The energized fuel balanceis maintained with a proprietary read-only electronic controllersystem ensuring the engines operate at original equipmentmanufacturers' specified temperatures and pressures. Installationon a wide variety of engine models and end-market applicationsrequire no engine modifications unlike the more expensive invasivefuel-injected systems in the market. Additional information athttp://www.americanpowergroupinc.com/

American Power reported a net loss available to commonstockholders of $3.25 million on $6.28 million of net sales forthe year ended Sept. 30, 2014, compared with a net loss availableto common stockholders of $2.92 million on $7.01 million of netsales for the year ended Sept. 30, 2013.

As of March 31, 2015, the Company had $7.76 million in totalassets, $5.37 million in total liabilities and $2.39 million totalstockholders' equity.

All of S&P's ratings on Anchor Glass, including the 'B+' corporatecredit rating on the company, are unchanged. The outlook isstable. S&P assess the company's business risk profile as "fair,"and its financial risk profile as "highly leveraged," as defined inS&P's criteria, which results in an anchor outcome of 'b'. AlthoughAnchor Glass' trailing-12-month debt leverage is 4.7x pro forma forthe transaction, S&P assess the company's financial risk profile ashighly leveraged, reflecting its view of the financial policy riskassociated with the company's ownership by a financial sponsor. S&P adjusts the anchor upward by one notch to account for itspositive view of Anchor Glass under S&P's comparable ratingsanalysis. All other modifiers are neutral for the rating.

RECOVERY ANALYSIS

Key analytical factors:

S&P has assigned issue-level and recovery ratings to Anchor Glass'sproposed $465 million first-lien term loan facility.

S&P continues to value the company on a going-concern basis using a5.5x multiple of its estimated emergence EBITDA.

S&P estimates that, by emergence, the company would be able toimprove its EBITDA to about $75 million.

ARCAPITA BANK: NorthStar Buys US Real Estate Portfolio for $640M----------------------------------------------------------------Nadia Saleem at Reuters reports that Arcapita Bank said it had soldits real estate portfolio of retirement communities -- whichincludes 16 facilities and 4,000 residential units for continuingsenior care -- across the U.S. to NorthStar Healthcare Income Trustfor $640 million.

Reuters quoted Arcapita CEO Atif Abdulmalik as saying, "Thistransaction represents Arcapita's fifth successful exit in thesenior living sector, which continues to benefit from favourablelong-term fundamentals. We are pleased with the profitable outcomeof this investment."

Arcapita has given $3 billion in exit proceeds to its investors inthe last two years but did not give a breakdown of profits for itsreal estate portfolio exit, Reuters relates, citing Mr.Abdulmalik.

About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment BankB.S.C., along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,2012. The Debtors said they do not have the liquidity necessary torepay a US$1.1 billion syndicated unsecured facility when it comesdue on March 28, 2012.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliantalternative investments and operates as an investment bank. Arcapita is not a domestic bank licensed in the United States. Arcapita is headquartered in Bahrain and is regulated under anIslamic wholesale banking license issued by the Central Bank ofBahrain. The Arcapita Group employs 268 people and has offices inAtlanta, London, Hong Kong and Singapore in addition to its Bahrainheadquarters. The Arcapita Group's principal activities includeinvesting on its own account and providing investment opportunitiesto third-party investors in conformity with Islamic Shari'ah rulesand principles.

The Arcapita Group had roughly US$7 billion in assets undermanagement. On a consolidated basis, the Arcapita Group ownsassets valued at roughly US$3.06 billion and has liabilities ofroughly US$2.55 billion. The Debtors owe US$96.7 million under twosecured facilities made available by Standard Chartered Bank.

Subsequent to the Chapter 11 filing, Arcapita Investment HoldingsLimited, a wholly owned Debtor subsidiary of Arcapita in the CaymanIslands, issued a summons seeking ancillary relief from the GrandCourt of the Cayman Islands with a view to facilitating the Chapter11 cases. AIHL sought the appointment of Zolfo Cooper asprovisional liquidator.

As reported in the TCR on Jun 19, 2013, the Bankruptcy Court forthe Southern District of New York entered its Findings of Fact,Conclusions of Law, and Order confirming the Second Amended JointChapter 11 Plan of Reorganization of Arcapita Bank B.S.C.(c) andRelated Debtors with respect to each Debtor other than Falcon GasStorage Company, Inc.

A copy of the Confirmed Second Amended Joint Plan (With FirstTechnical Modifications) is available at:

Entities that own diabetics supply provider Liberty Medical led byATLS Acquisition, LLC, sought Chapter 11 protection (Bankr. D. Del.Lead Case No. 13-10262) on Feb. 15, 2013, just less than threemonths after a management buy-out and amid a notice by the lenderwho financed the transaction that it's exercising an option toacquire the business.

Liberty has been in business for 22 years serving the needs ofboth type 1 and type 2 diabetic patients. Liberty is a mail orderprovider of diabetes testing supplies. In addition to diabetestesting supplies, the Debtors also sell insulin pumps and insulinpump supplies, ostomy, catheter and CPAP supplies and operate alarge mail order pharmacy. Liberty operates in seven differentlocations and has 1,684 employees.

Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serves as theDebtor's counsel; Ernst & Young LLP to provide investment bankingadvice; and Epiq Bankruptcy Solutions, LLC, as claims and noticingagent for the Clerk of the Bankruptcy Court.

An official committee of unsecured creditors has been appointed inthe case and consists of LifeScan, Inc., Abbott Laboratories, andTeva Pharmaceuticals USA, Inc. They are represented by Joseph H.Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent,Esq., of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S.Jason Teele, Esq., and Nicole Stefanelli, Esq. of LowensteinSandler LLP. The Committee has tapped Mesirow FinancialConsulting, LLC, as financial advisors.

* * *

In November 2014, the Debtor received the green light from theBankruptcy Court for its $68.5 million sale to an investment groupled by private equity firm Palm Beach Capital. The auction forthe assets boosted the purchase price by more than $20 million.

BG MEDICINE: Amends Current Report with SEC-------------------------------------------BG Medicine, Inc., amended its current report on Form 8-K filed onMay 12, 2015, to update the description of the voting rights of theSeries A Preferred Stock, to file an updated Certificate ofDesignations to reflect the revised voting rights of the Series APreferred Stock for compliance with NASDAQ Listing Rule 5640, andto clarify certain other disclosures.

Abbott Amendment

On Dec. 23, 2014, the FDA granted 510(k) clearance for AbbottLaboratories' (Abbott) ARCHITECT Galectin-3 assay, the first FDAcleared automated blood test for Galectin-3. On May 8, 2015, inanticipation of the U.S. market launch of the Abbott Laboratories'(Abbott) ARCHITECT Galectin-3 assay, BG Medicine, Inc., a Delawarecorporation, amended its license and development agreement withAbbott. As Abbott takes the final steps toward making the assayavailable in the U.S., the Company and Abbott amended the agreementdue to market dynamic considerations since the Galectin-3 assayfirst began development in 2009.

Series A Preferred Stock Financing with Flagship

On May 12, 2015, the Company entered into a Securities PurchaseAgreement with the Company's principal stockholders, AppliedGenomic Technology Capital Fund, L.P., AGTC Advisors Fund, L.P. andFlagship Ventures Fund 2007, L.P., which are affiliates of theCompany's directors, Noubar B. Afeyan, Ph.D. and Harry W. Wilcox.Pursuant to the terms and subject to the conditions contained inthe Purchase Agreement, the Company issued and sold to thePurchasers secured convertible promissory notes in aggregateprincipal amount of $500,000. In addition and pursuant to theterms of the Purchase Agreement, and subject to the approval of theCompany's stockholders at the Company's 2015 annual meeting ofstockholders and the satisfaction or waiver of other closingconditions, the Company has agreed to issue and sell to thePurchasers $2,000,000 of shares of newly created Series A PreferredStock, $0.001 par value per share, of the Company at the secondclosing to be held following the Company's 2015 Annual Meeting. The Notes and Series A Preferred Stock will not be and have notbeen registered under the Securities Act of 1933, as amended, andmay not be offered or sold in the United States absent registrationor an applicable exemption from the registration requirements.

Secured Convertible Promissory Notes and Related Agreements

Subject to the approval of the issuance of the Series A PreferredStock by the Company's stockholders at the 2015 Annual Meeting, atthe Second Closing the Notes will be automatically convertedpursuant to their terms into that number of shares of Series APreferred Stock equal to the principal amount of the Notes plus allaccrued but unpaid interest thereon divided by the Purchase Priceof the Series A Preferred Stock. The Notes will not be convertibleinto shares of Series A Preferred Stock unless and until theCompany's stockholders approve the issuance of shares of Series APreferred Stock and the Second Closing is consummated. If theNotes have not been repaid or converted prior to the earlier ofSept. 30, 2015, and the date the Company terminates the PurchaseAgreement in accordance with its terms, the Company will beobligated to repay the outstanding principal amount of the Notesplus any accrued but unpaid interest thereon. In the event of aChange of Control, the holders of the Notes will be entitled to thepayment of a premium equal to two times the outstanding principalamount of the Notes, in addition to the payment of principal andaccrued but unpaid interest thereon prior to any payments toholders of the common stock, $0.001 par value per share, of theCompany.

Contemporaneously with the execution and delivery of the PurchaseAgreement and the issuance of the Notes by the Company to thePurchasers, the Company and the Purchasers entered into a SecurityAgreement, dated May 12, 2015, pursuant to which the Companygranted to the Purchasers a security interest in substantially allof the Company's assets, other than the Company's intellectualproperty, to secure the Company's obligations under the Notes.Pursuant to the terms of the Security Agreement, the Company'sintellectual property will become subject to the security interestgranted by the Company to the Purchasers upon repayment of allamounts owed under that certain Loan and Security Agreement by andamong the Company, General Electric Capital Corporation as Agent,the Lenders and the Guarantors dated as of February 10, 2012, asamended. Pursuant to a Subordination and Intercreditor Agreementby and among the Company, the Purchasers and GECC, dated May 12,2015, entered into contemporaneously with the execution anddelivery of the Purchase Agreement, the Company's paymentobligations under the Notes are subordinated to the Company’spayment obligations under the GECC Agreement and the securityinterest granted by the Company to the Purchasers to secure theCompany's obligations under the Notes is subordinated to thesecurity interest granted by the Company to GECC to secure theCompany's obligations under the GECC Agreement. In connection withthe entry into the Purchase Agreement, the Company and GECC amendedthe GECC Agreement, dated May 12, 2015, to, among other things,permit the Company to enter into the Purchase Agreement and relatedagreements.

Series A Preferred Stock, Certificate of Designations and Investor Rights Agreement

Under the terms of the Purchase Agreement, the Company agreed thatthe price per share at which the Series A Preferred Stock will besold at the Second Closing will be the lesser of (a) 85% of thearithmetic average of the volume-weighted average price of theCompany's Common Stock on each of the ten trading days immediatelypreceding the date of the Second Closing and (b) $0.67 per share(subject to appropriate adjustment for any stock split or similaradjustment affecting the Common Stock).

The shares of Series A Preferred Stock will have the rights,preferences and privileges set forth in a certificate ofdesignations to the Company's Certificate of Incorporation, ascurrently in effect, that will be filed by the Company prior to theissuance of the shares, which are summarized as follows:

Ranking: the Series A Preferred Stock will rank senior inpreference and priority to the Common Stock and each other class orseries of capital stock of the Company, except for any class orseries of capital stock issued in compliance with the terms of theCertificate of Designations.

Dividends: the holders of Series A Preferred Stock will be entitledto receive, out of funds legally available for the payment ofdividends under Delaware law, cumulative dividends that accruedaily at an annual rate of 8%, compounded and payable quarterly incash or in additional shares of Series A Preferred Stock at theelection of each holder. The holders of Series A Preferred Stockwill also be entitled to participate in cash dividends and in-kinddistributions made on shares of Common Stock.

Liquidation Preference: Upon liquidation, including deemedliquidations pursuant to a merger, consolidation or a sale of allor substantially all of the Company's assets, the holders of SeriesA Preferred Stock will be entitled to be paid first out of anyproceeds in an amount per share equal to the price at which sharesof Series A Preferred Stock were sold in the Financing, plus allaccrued but unpaid dividends on each share of Series A PreferredStock, and prior to payment of any amounts on the Company's CommonStock. Thereafter, the holders of Series A Preferred Stock willalso share pro rata on an as converted to Common Stock basis inpayments made to the holders the Company's Common Stock. Accordingly, the holders of the Series A Preferred Stock will beentitled to receive the proceeds out of any sale or liquidation ofthe Company before any such proceeds are paid to holders of theCompany's Common Stock and then share in any proceeds paid toholders of the Company's Common Stock. As a result, only the saleor liquidation proceeds in excess of the liquidation preferenceplus accrued but unpaid dividends would be available fordistribution to holders of the Company's Common Stock.

Conversion and Anti-Dilution Protection: each share of Series APreferred Stock is initially convertible into one share of CommonStock at any time at the option of each holder and automaticallyupon the written consent of the holders of a majority of theoutstanding shares of Series A Preferred Stock. The conversionprice will be subject to adjustment as described below in the eventthat the Company issues other securities at a price per share lessthan the conversion price of the Series A Preferred Stock then ineffect, subject to specified exceptions, and is also subject toadjustment in connection with stock splits, combinations, dividendsand other corporate transactions affecting the Common Stock. Therights, preferences and privileges of the Series A Preferred Stockinclude full-ratchet anti-dilution protection until the firstanniversary of the date that the Series A Preferred Stock is issuedand weighted-average anti-dilution protection thereafter.

Voting Rights: holders of Series A Preferred Stock will be entitledto vote with the holders of the Common Stock on an as-convertedbasis, except that no holder of Series A Preferred Stock will beentitled to cast votes for the number of shares of Common Stockissuable upon conversion of the Series A Preferred Stock held bysuch holder that exceeds (subject to a proportionate adjustment inthe event of a stock split, stock dividend, combination or otherproportionate recapitalization) the quotient of (A) the aggregatepurchase price paid by such holder for its Series A PreferredStock, divided by (B) the greater of (i) $0.80 and (ii) the closingprice of the Common Stock on the trading day immediately prior tothe date its Series A Preferred Stock is issued. In addition, priorto the conversion of the Series A Preferred Stock, the consent ofthe holders of at least a majority of the Series A Preferred Stockthen outstanding, voting together as a single class, will berequired for the Company to take certain actions, including, amongother things: liquidating, dissolving or winding up the businessand affairs of the Company or effecting any merger, consolidationor other liquidation event; amending, altering or repealing anyprovision of the Certificate of Incorporation, the Certificate ofDesignations or the Bylaws of the Company; creating or authorizingany class or series of capital stock ranking senior to or on paritywith the Series A Preferred Stock or increasing the number ofauthorized shares of Series A Preferred Stock; purchasing,redeeming, paying or declaring dividends on any shares of capitalstock of the Company, with certain exceptions; increasing ordecreasing the size of the Board of Directors of the Company; andspecified other matters.

Redemption: unless prohibited by Delaware law, beginning on March31, 2016, the holders of Series A Preferred Stock will have theright to require the Company to redeem the shares of Series APreferred Stock, in whole or in part, in cash for a price per shareequal to the greater of (i) the then current fair market value ofthe Series A Preferred Stock and (ii) the Accrued Value (as definedin the Certificate of Designations) plus the amount of any accruedand unpaid dividends thereon. The redemption right will expire ifthe Company closes a single or a series of related capital raisingtransactions in which the Company issues its capital stock toinvestors resulting in gross proceeds to the Company of at least$5.5 million in the aggregate, excluding the conversion of anyindebtedness and inclusive of the Series A Preferred Stock issuablepursuant to the Purchase Agreement. In addition, holders of SeriesA Preferred Stock will have redemption rights in connection withspecified change of control transactions of the Company.

Board of Directors: the holders of Series A Preferred Stock will beentitled to nominate one director to the Board, who shall initiallybe elected promptly following the 2015 Annual Meeting. Subject toapplicable law and stock exchange requirements, the Series ADirector will be entitled to serve as a member of each committee ofthe Board. The rights to nominate a Series A Director willterminate if less than 20% of the shares of Series A PreferredStock issued under the Purchase Agreement are no longeroutstanding.

The obligations of the Parties to complete the Second Closing aresubject to the satisfaction or, to the extent legally permissible,waiver of certain conditions. These conditions include, amongother things: (i) the approval by the Company's stockholders of theissuance of the shares of Series A Preferred Stock pursuant to thePurchase Agreement; (ii) the filing of the Certificate ofDesignations with the Secretary of State of the State of Delaware;and (iii) the execution and delivery of the Investor RightsAgreement.

In connection with the Second Closing, the Company will also enterinto a Fifth Amended and Restated Investor Rights Agreement withthe Purchasers as well as the stockholders who hold shares ofCommon Stock that are registrable securities under the Company'sexisting Fourth Amended and Restated Investor Rights Agreementdated as of July 10, 2008. Under the terms of the Investor RightsAgreement, the Existing IRA will be amended and restated to grantcertain demand and piggyback registration rights with respect tothe shares of Common Stock issuable upon conversion of the Series APreferred Stock. These registration rights are subject to certainconditions and limitations, including the right of the underwritersof an offering to limit the number of shares of the Company'sCommon Stock included in any such registration under certaincircumstances. The Company is generally required to pay allexpenses incurred in connection with registrations effected inconnection with the registration rights, excluding underwritingdiscounts and commissions.

Under the terms of the Purchase Agreement, the Company mayterminate the agreement, if, at any time prior to the Companystockholders' approval of the issuance of the Series A PreferredStock, the Board changes its recommendation to the stockholders ofthe Company and recommends that stockholders vote against theconsummation of the Second Closing and the issuance of the sharesof Series A Preferred Stock to the Purchasers at the SecondClosing. In the event of such termination, the Company has agreedto pay the Purchasers a termination fee of $100,000 plus thePurchasers' reasonable, documented fees and expenses. The PurchaseAgreement may also be terminated by written consent of the Companyand (i) the holders of a majority of the outstanding principalamount of the Notes, if prior to the Second Closing, or (ii) theholders of a majority of the outstanding shares of Series APreferred Stock (determined on an as-converted to Common Stockbasis), if after the Second Closing.

In addition, under the terms of the Purchase Agreement, subject toapplicable securities laws, the Purchasers have the right toparticipate in any alternative financing in which the Companyproposes to offer or sell its Common Stock or convertiblesecurities to investors on or before the Second Closing, whether ornot the Company has terminated the Purchase Agreement. Under thisright, the Purchasers may participate in an aggregate amount up to$2.5 million on the same terms and conditions as the otherinvestors participating in the alternative financing.

In connection with the execution of the Purchase Agreement by theCompany and the Purchasers, on May 12, 2015, Stephane Bancel, whois affiliated with Flagship Ventures, resigned from the Board,effective as of that time. Also, effective as of that time, theBoard appointed Harry W. Wilcox, also an affiliate of FlagshipVentures, to fill the vacancy created by Mr. Bancel's resignation.Mr. Bancel did not communicate any disputes regarding the Company'soperations, policies or practices to the Company in connection withthis resignation, nor is the Company aware of any. Subject to SECand NASDAQ corporate governance rules, Mr. Wilcox will serve on theCompany's Nominating and Governance Committee and its CompensationCommittee. It is anticipated that following the Second Closing ofthe Financing and the issuance of the Series A Preferred Stock, Mr.Wilcox will remain on the Board and his seat will transition intothat of the Preferred Elected Director.

Harry W. Wilcox, age 61, has served on the Board since May 2015.Mr. Wilcox has been chief operating officer and general partner ofFlagship Ventures, a venture capital firm, since 2013. From 2006 to2013, he was chief financial officer and Partner of FlagshipVentures. From 2004 to 2006, he was chief financial officer andsenior vice president of corporate development of EXACT Sciences.Mr. Wilcox received his M.B.A. from Boston University and his B.S.in Finance from the University of Arizona. Mr. Wilcox currentlyserves as a director of T2 Biosystems, Inc., an in vitrodiagnostics company. The Board concluded that Mr. Wilcox shouldserve as a director as of the date of this filing because of Mr.Wilcox's experience leading successful healthcare and technologycompanies, and his experience as a venture investor.

In January 2013, the Company closed a follow-on underwritten publicoffering of 6,900,000 shares of Common Stock at a price to thepublic of $2.00 per share, including an aggregate of 2,000,000shares purchased at the public offering price by entitiesaffiliated with Flagship Ventures for an aggregate offering priceof $4,000,000. Shares of Common Stock purchased in the offering byentities affiliated with Flagship Ventures included 75,000 sharespurchased by AGTC Advisors Fund, L.P., 500,000 shares purchased byApplied Genomic Technology Fund, L.P., 1,050,000 shares purchasedby Flagship Ventures Fund 2007, L.P., 125,000 shares purchased byNewcoGen Equity Investors LLC and 250,000 shares purchased byNewcoGen Group LLC.

On Dec. 3, 2014, the Company issued 113,989 shares of Common Stockto entities affiliated with Flagship Ventures upon the net exerciseof previously issued warrants to purchase shares of Common Stock,including 49,392 shares issued to NewcoGen Group LLC, 52,095 sharesissued to NewcoGen Equity Investors LLC, 6,226 shares issued to STNewcoGen LLC and 6,276 shares issued to NewcoGen -- Long ReignHolding LLC.

About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focusedon the development and commercialization of novel cardiovasculardiagnostic tests to address significant unmet medical needs,improve patient outcomes and contain healthcare costs. TheCompany is currently commercializing two diagnostic tests, thefirst of which is the BGM Galectin-3 test, a novel assay formeasuring galectin-3 levels in blood plasma or serum for use as anaid in assessing the prognosis of patients diagnosed with heartfailure. The Company's second diagnostic test is the CardioSCOREtest, which is designed to identify individuals at high risk fornear-term, significant cardiovascular events, such as heart attackand stroke.

BG Medicine reported a net loss of $8.06 million on $2.78 millionof total revenues for the year ended Dec. 31, 2014, compared to anet loss of $15.8 million on $4.07 million of total revenues forthe year ended Dec. 31, 2013. The Company previously reported anet loss of $23.8 million in 2012.

BIO-KEY INTERNATIONAL: Lacks Revenue to Support Operations----------------------------------------------------------BIO-key International, Inc., filed its quarterly report on Form10-Q, disclosing a net loss of $924,000 on $649,000 of revenue forthe three months ended March 31, 2015, compared with a net loss of$299,000 on $1.37 million of revenue for the same period lastyear.

The Company's balance sheet at March 31, 2015, showed $1.47 millionin total assets, $1.49 million in total liabilities, and astockholders' deficit of $23,700.

The Company has incurred significant losses to date and at March31, 2015, had an accumulated deficit of approximately $58 million. In addition, broad commercial acceptance of the Company'stechnology is critical to the success and ability to generatefuture revenues.

At March 31, 2015, the Company's total cash and cash equivalentswere approximately $303,000, as compared to approximately $844,000at Dec. 31, 2014. The Company estimates that it currently requiresapproximately $460,000 per month to conduct operations, a monthlyamount that it has been unable to achieve consistently throughrevenue generation.

BRANCH CHRISTIAN: Closes Bookstore Due to Stiff Competition-----------------------------------------------------------Margie Fishman, writing for Delawareonline.com, reports that TheBranch Christian Bookstore is shutting down before the end of thesummer, after 25 years.

The Debtor owns The Golf Club at Briar's Creek, in Johns Island,South Carolina. The Debtor disclosed that the property's value isunknown and the property secures $6.74 million of debt. Securedcreditors Edward L. Myrick Sr. and South Coast Community Bank areowed $3.89 million and $2.85 million.

The Debtor is pursuing a sale of substantially all of its assets toBriar's Creek Holdings, LLC, for a purchase price of $11.3 million,which consists of $7.4 million in cash and assumption of the $3.9million secured debt owed to Edward L. Myrick, Sr., plus assumptionof the post-closing liabilities under the Debtor's executorcontracts.

The Debtor also filed an application to appoint Ouzts Ouzts &Company, as the Debtor's accountants, and accounting firm of DixonHughes to file tax returns and do other related accountingfunctions. The Debtor aso tapped Keen Summit as its businessbroker to assist in the marketing and sale of assets.

BRIGHT MOUNTAIN: Posts $334K Net Loss in March 31 Quarter---------------------------------------------------------Bright Mountain Acquisition Corporation filed with the U.S.Securities and Exchange Commission its quarterly report on Form10-Q, disclosing a net loss of $334,000 on $310,000 of totalrevenue for the three months ended March 31, 2015, compared with anet loss of $359,000 on $213,000 of total revenue for the sameperiod in 2014.

The Company's balance sheet at March 31, 2015, showed $2.23 millionin total assets, $306,700 in total liabilities and stockholders'equity of $1.92 million.

For the first quarter of 2015, the Company reported cash used inoperating activities of $420,913 and had an accumulated deficit of$4.82 million at March 31, 2015. The report of its independentregistered public accounting firm on the Company's auditedconsolidated financial statements at Dec. 31, 2014 and 2013 and forthe years then ended contains an explanatory paragraph regardingsubstantial doubt of the Company's ability to continue as a goingconcern based upon the Company's net losses, cash used inoperations and accumulated deficit. These factors, among others,raise substantial doubt about its ability to continue as a goingconcern, according to the regulatory filing.

Bright Mountain Acquisition Corp. engages in the developing of apersonal website portal. It owns and manages websites which arecustomized to provide its niche users, including military, lawenforcement and first responders with information and news that isof interest to them. The company sells various products throughits website and third party portals such as Amazon.com andEbay.com. The company was founded on May 20, 2010 and isheadquartered in Boca Raton, FL.

The Company reported a net loss of $345,000 on $277,000 of totalrevenue for the three months ended Sept. 30, 2014, compared with anet loss of $259,000 on $152,000 of total revenue for the sameperiod in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $1.65 million

in total assets, $224,000 in total liabilities, anda stockholders' equity of $1.43 million.

The Company sustained a net loss attributable to commonshareholders of $1.12 million and used cash in operating activities of $1.26million for the nine months ended Sept. 30, 2014. The Company had anaccumulated deficit of $4.08 million at Sept. 30, 2014.

C. WONDER: Deadline to Decide on HQ Lease Extended to Aug. 20-------------------------------------------------------------The U.S. Bankruptcy Court for the District of New Jersey granted C.Wonder LLC, et al., an extension until Aug. 20, 2015, of the time to assume or reject the corporate headquarters lease, withoutprejudice to the Debtors' rights to seek further extensions of thedeadline in accordance with Section 365(d)(4) of the BankruptcyCode.

About C. Wonder

Founded by J. Christopher Burch in 2010, C. Wonder is a specialtyretailer with retail stores in the United States. Withheadquarters in New York, the company sells women's clothing,jewelry, shoes, handbags and other accessories as well as selecthome goods under the C. Wonder brand. The Company maintains twodistribution centers in New Jersey.

The Company opened its first retail store in New York in 2011. By2014, the Company had expanded its operations to include 29locations across 13 states including its flagship location inSoho, New York. Amid mounting losses, C. Wonder closed 16 of itsretail stores by the end of 2014. C. Wonder closed 9 additionalstores in January 2015. As of the bankruptcy filing, C. Wonder hadfour retail stores in the U.S. (Soho, Flat Iron, Time Warner Centerand Manhasset).

As of the Filing Date, the Debtors had assets with a book value of$43.7 million and liabilities of $61.0 million.

The U.S. Trustee for Region 3 appointed three members to theOfficial Committee of Unsecured Creditors. The Creditors'Committee has tapped Porzio, Bromberg & Newman, P.C., as counsel,and CBIZ Accounting, Tax & Advisory of New York, LLC, as financialadvisors.

Cal Dive and its U.S. subsidiaries filed simultaneous voluntarypetitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sellnon-core assets and intends to reorganize or sell as a goingconcern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of$411 million as of Sept. 30, 2015.

Cal Dive Offshore Contractors, Inc., disclosed total assets of$233,273,806 and $311,339,932 in liabilities as of the Chapter 11filing.

CAL DIVE: Huber Capital Reports 4.9% Stake as of May 31-------------------------------------------------------Huber Capital Management, LLC, disclosed in an amended Schedule 13Gfiled with the Securities and Exchange Commission that as of May31, 2015, it beneficially owns 4,836,131 shares of common stock ofCal Dive International Inc., which represents 4.91 percent of theshares outstanding. A copy of the regulatory filing is availablefor free at http://is.gd/crxdg4

Cal Dive and its U.S. subsidiaries filed simultaneous voluntarypetitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sellnon-core assets and intends to reorganize or sell as a goingconcern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of$411 million as of Sept. 30, 2015.

Cal Dive Offshore Contractors, Inc., disclosed total assets of$233,273,806 and $311,339,932 in liabilities as of the Chapter 11filing.

CALMENA ENERGY: Creditors Proofs of Claim Due July 31-----------------------------------------------------The U.S. Bankruptcy Court for the Southern District of Texasestablished July 31, 2015, as the deadline for any individual orentity to file proofs of claim against Calmena Energy ServicesInc., et al. Government units may also file their proof of claimby July 31 deadline.

The lead Chapter 15 case is Case No. 15-30786. The case isassigned to Judge Karen K. Brown of the U.S. Bankruptcy Courtfor the Southern District of Texas (Houston).

The Chapter 15 petitioner is represented by Robert Andrew Black,Esq., at Norton Rose Fulbright LLP, in Houston, Texas.

CAPSTONE THERAPEUTIC: Reports $716K Net Loss in First Quarter-------------------------------------------------------------Capstone Therapeutics Corp. filed its quarterly report on Form10-Q, disclosing a net loss of $716,000 on $nil of revenues for thethree months ended March 31, 2015, compared with a net loss of$1.02 million on $nil of revenues for the same period last year.

The Company's balance sheet at March 31, 2015, showed $2.8 millionin total assets, $365,000 in total liabilities, and stockholders'equity of $2.43 million.

Tempe, Ariz.-based Capstone Therapeutics Corp. is a biotechnology company for developing a pipeline of peptides and other molecules. The Company’s products are aimed at patients with under-served medical conditions.

The Company reported a net loss of $4.17 million on $nil in revenue for the year ended Dec. 31, 2014, compared to a net loss of $3.92 million on $nil of revenues in the same period last year.

Moss Adams LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing the uncertainty with regards to the Companyâ€™s ability to raise funding to implement its future business strategy.

CEL-SCI CORP: Incurs $12.6-Mil. Net Loss for First Quarter----------------------------------------------------------CEL-SCI Corporation filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $12.6 million on $198,000 of grant and other income for thethree months ended March 31, 2015, compared with a net loss of$13.4 million on $67,200 of grant and other income for the sameperiod last year.

The Company's balance sheet at March 31, 2015, showed $12.7 millionin total assets, $12.4 million in total liabilities, andstockholders' equity of $343,000.

Due to recurring losses from operations and future liquidity needs,there is substantial doubt about the Company's ability to continueas a going concern.

CEL-SCI Corporation is engaged in the development and manufacturingof products for cancer and infectious diseases. The Vienna,Virginia-based Company aims to produce therapies that utilize thebody's natural defense system to cure cancer, malaria, and more.

CHASSIX HOLDINGS: $5,000 in Claims Sold Between March & April-------------------------------------------------------------In the Chapter 11 cases of Chassix Holdings, Inc., et al., threeclaims switched hands between March 31, 2015, and April 6, 2015:

Chassix is a global manufacturer and supplier of aluminum and ironchassis sub-frame components and powertrain products with bothcasting and machining capabilities. Based in Southfield, Michigan,Chassix and its subsidiaries operate 23 manufacturing facilitiesacross six countries, providing safety critical automotivecomponents, having content on approximately 64% of the largestplatforms in North America. Their product mix maintains an evenbalance among trucks, minivans and SUVs, as well as small andmedium size cars and cross-over vehicles.

For the twelve months ended Dec. 31, 2014, the Debtors generated$1.37 billion in revenue on a consolidated basis. As of Dec. 31,2014, the Debtors had $833 million in assets and $784 million inliabilities on a consolidated basis.

Chassix Holdings, Inc., et al., sought Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12,2015, with a Chapter 11 plan that was negotiated with lenders andcustomers.

S&P also assigned its 'B+' issue-level rating and '2' recoveryrating to the company's proposed senior secured first-lienrevolving credit facility, which will consist of a $100 millionrevolver due 2020 and $615 million term loan due 2022. The '2'recovery rating indicates S&P's expectation for substantial(70%-90%; upper end of the range) recovery in the event of apayment default.

At the same time, S&P assigned its 'CCC+' issue-level rating and'6' recovery rating to the company's proposed $170 millionsecond-lien term loan due 2023. The '6' recovery rating indicatesS&P's expectation for negligible (0%-10%) recovery in the event ofa payment default.

Proceeds will be used to fund the purchase consideration of $1.412billion (of which $707 million will be contributed shareholderequity), $30 million of cash to the balance sheet, and $50 millionof fees and expenses related to the transaction.

"The ratings on Cirque reflect the company's solid brandrecognition, which enables it to form strategic partnerships withvenue providers that help cover the costs of developing new shows,"said Standard & Poor's credit analyst Eric Nietsch. The contractsfor these residential shows are long term, typically with terms offive to 10 years. Its primary partnership is with MGM in the LasVegas market, which accounts for a large portion of revenue andsome predictability of cash flows since it guarantees Cirque'soperating costs plus an additional premium as well as royalty ofbox office sales. "Partially offsetting these positive factors arecompetitive pressures from other providers of entertainment andleisure activities," added Mr. Nietsch. "Additionally, we believethere is moderate counterparty risk with MGM, which owns the venuesfor seven of Cirque's resident shows. Cirque's strategy is toexpand into new markets to increase revenue although growthprospects from these new ventures are largely uncertain. Moreover,we believe expansion into new markets could result in higherexpenses and capital expenditure requirements, especially if thecompany takes on full ownership of these productions."

Cirque Du Soleil was founded in 1984 in Quebec and entered LasVegas in 1992. It is the largest theatrical producer in the world,and has performed in 330 cities and 48 countries. Cirque Du Soleilcompetes most directly with other live entertainment companies,including other theatrical shows such as the Blue Man Group, aswell as plays, musicals, and concerts in the Las Vegas market. Around 40% of its sales come from Las Vegas, which is sensitive todeterioration in macroeconomic conditions. Still, Cirque's partnerin Las Vegas has some of the largest venues, which provides it withsome barriers to entry. Cirque competes more broadly with otherproviders of leisure activities and entertainment, such as livesporting events, television, movies, nightlife, theme parks, andrecreational activities.

Cloudeeva, Inc., a public company previously known as SystemsAmerica, Inc., is a global cloud services and technology solutionscompany specializing in cloud, big data and mobility solutions andservices. The company provides information technology staffingservices to major clients and third party vendors in the UnitedStates and India. The company headquarters are in East Windsor,New Jersey, with regional offices in California, Illinois andinternational offices in India.

Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcyprotection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, NewJersey, on July 21, 2014. The cases are assigned to Judge KathrynC. Ferguson.

Cloudeeva disclosed $4,989,375 in assets and $6,528,910 inliabilities as of the Chapter 11 filing. The company said only$209,000 is owing to its lender Prestige Capital Corp. and morethan $5.2 million is owed for trade vendor payables.

On Aug. 22, 2014, Judge Ferguson entered an order dismissing theDebtors' Chapter 11 cases at the behest of Bartronics Asia PTE Ltd. BAPL asserted that the cases were not filed in good faith. TheDebtors subsequently filed an appeal challenging the dismissal oftheir cases.

Since then, District Judge Joel A. Pisano for the District of NewJersey entered an order staying the Case Dismissal Order pendingfurther proceedings. Simultaneously, Judge Pisano reinstated theDebtors' bankruptcy cases and authorized the Debtors to be inpossession of their assets and the management of their business asdebtors-in-possession, subject to the continuing jurisdiction ofthe Bankruptcy Court and any further orders of the BankruptcyCourt or the District Court.

The Debtor filed a Plan of Reorganization and Disclosure Statementon Oct. 7, 2014. The Plan will be funded by cash on-hand on theEffective Date, cash revenues derived from the Debtors' continuedoperations, and investment of $1.15 million from Cloudeeva IndiaPrivate Limited or their designee, along with their guarantee ofall payments to be made under Plan, in exchange for the equity ofthe Reorganized Debtors, as agreed in the parties' Plan SupportAgreement.

That Plan was withdrawn in February 2015.

The Court approved the appointment of Stephen Gray as Chapter 11trustee for the Debtors' estate. The trustee was represented bySaul Ewing LLP. Richard B. Honig was later appointed as theChapter 11 successor trustee for Cloudeeva Inc.

(a) advise the Debtors of their rights, powers and duties as debtors and debtors-in-possession under Chapter 11 of the Bankruptcy Code;

(b) take action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors in the Chapter 11 cases, the negotiation of disputes in which the Debtors are involved and the preparation of objections to claims filed against the Debtors;

(c) assist in preparing on behalf of the Debtors all motions, applications, answers, orders, reports and papers in connection with the administration of the Debtors' estates;

(d) assist the Debtors with the sale of any of their assets pursuant to Section 363 of the Bankruptcy Code;

(e) assist in preparing the Debtors' plan of liquidation;

(f) assist in preparing the Debtors' disclosure statement and any related documents and pleadings necessary to solicit votes on the Debtors' plan of liquidation;

(g) prosecute on behalf of the Debtors the proposed plan and seeking approval of all transactions contemplated therein and in any amendments thereto; and

(h) perform other necessary or desirable legal services in connection with the Chapter 11 cases.

RL&F's current hourly rates for matters related to the Chapter 11cases are expected to be within the following ranges:

Directors $585 to $825 an hour Counsel $525 an hour Associates $260 to $490 an hour Paraprofessionals $235 an hour

The principal professionals and paraprofessionals designated torepresent the Debtors and their current standard hourly rates areas follows:

Prior to the Petition Date, the Debtors paid RL&F a total retainerof $405,000 in connection with and in contemplation of the Chapter11 cases.

Mark D. Collins, Esq., a director of the firm of Richards, Layton &Finger, P.A., in Wilmington, Delaware, assures the Court that (a)RL&F is a "disinterested person" under Section 101(14) of theBankruptcy Code; (b) RL&F does not hold or represent an interestadverse to the Debtors' estates; and (c) RL&F's directors andassociates have no connection to the Debtors, their creditors ortheir related parties.

(a) assisting with the preparation and filing of the Debtors' schedules of assets and liabilities and statements of financial affairs;

(b) recording all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); provided, however, that if any evidence of transfer of claim(s) is filed with the Court pursuant to Bankruptcy Rule 3001(e), and if the evidence of transfer or notice thereof executed by the parties purports to waive the 21 day notice and objection period required under Bankruptcy Rule 3001(e), then the Administrative Agent may process the transfer of claim(s) to change the name and address of the claimant of such claim to reflect the transfer, and the effective date of such transfer will be the date the evidence of such transfer was docketed in the case;

(d) managing the preparation, compilation and mailing of documents to creditors and other parties in interest in connection with the solicitation of a Chapter 11 plan;

(e) managing any rights offering pursuant to a Plan;

(f) managing the publication of legal notices;

(g) collecting and tabulating votes in connection with any Plan filed by the Debtors and providing ballot reports to the Debtors and their professionals;

(h) generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results;

(i) managing any distributions made pursuant to a Plan; and

(j) providing any and all necessary administrative tasks as the Debtors or its professionals may require in connection with these chapter 11 cases.

Prior to the Petition Date, the Debtors provided Rust/Omni aretainer in the amount of $40,000.

Paul H. Deutch, the executive managing director of Rust/Omni,assures the Court that Rust/Omni: (i) is a "disinterested person"within the meaning of Section 101(14) of the Bankruptcy Code; (ii)does not hold or represent an interest adverse to the Debtors'estates in connection with any matter on which Rust/Omni will beemployed; and (iii) neither Rust/Omni nor any of its employees hasany connection with the Debtors, their creditors, the United StatesTrustee or any other party in interest in these chapter 11 cases.

Corinthian Colleges disclosed total assets of $19.2 million andtotal liabilities of $143.1 million in its petition.

The U.S. Trustee for Region 3 appointed five creditors to serve onan official committee of unsecured creditors.

CREATIVE CIRCLE: S&P Removes 'B' CCR From CreditWatch Positive--------------------------------------------------------------Standard & Poor's Ratings Services said that it removed its ratingson Los Angeles-based Creative Circle LLC, including the 'B'corporate credit rating, from CreditWatch, where S&P had placedthem with positive implications on May 13, 2015. At the same time,S&P withdrew the ratings at the company's request. The companyrepaid its outstanding debt when it was acquired by On AssignmentInc. on June 5, 2015.

CTI BIOPHARMA: Amends License Agreement with Baxter---------------------------------------------------CTI BioPharma Corp. entered into a first amendment to theDevelopment, Commercialization and License Agreement, dated as ofNov. 14, 2013, by and among CTI, Baxter International Inc., BaxterHealthcare Corporation and Baxter Healthcare SA, according to adocument filed with the Securities and Exchange Commission.

Pursuant to the License Agreement, among other things, CTI grantedto Baxter a license with respect to pacritinib, Baxter and CTIagreed to collaborate as to the development and commercializationof pacritinib, and the Corporation obtained the contingent right toreceive certain milestone and royalty payments. BaxaltaIncorporated, a wholly-owned subsidiary of Baxter InternationalInc., and certain of its affiliates have been assigned Baxter'srights and obligations under the License Agreement.

Pursuant to the Amendment, two milestone payments from Baxalta toCTI were accelerated from the schedule contemplated by the LicenseAgreement. CTI will, within three days of the Effective Date,receive a total advance of $32 million from Baxalta relating to thefollowing two milestone payments under the License Agreement: (i)the $12 million development milestone payment payable in connectionwith the regulatory submission to the European Medicines Agencywith respect to pacritinib and (ii) a $20 million developmentmilestone payment payable for the first treatment dosing of thelast patient enrolled in PERSIST-2, the ongoing randomized Phase 3trial evaluating pacritinib for patients with myelofibrosis whoseplatelet counts are less than or equal to 100,000 per microliter.

Under the Amendment, each of the two milestone advances will bearinterest at an annual rate of 9% percent until the earlier of (i)the date of first occurrence of the respective milestone and (ii)the date that the respective advance plus accrued interest isrepaid in full. In the event that pacritinib development isterminated either because of a regulatory determination that thebenefit/risk profile of the drug candidate is unacceptable or dueto safety concerns or certain other reasons, including the failureof pacritinib to meet certain criteria or certain endpoints, theCorporation would be required to repay the respective advance toBaxalta in eight quarterly installments beginning thirty days afterthe end of the calendar quarter of the first occurrence of aMilestone Failure and a final payment equal to the remainder of theunpaid balance. Further, if (i) the EMA Milestone is not achievedprior to March 31, 2017 or (ii) the PERSIST-2 Milestone is notachieved prior to Dec. 31, 2016, then the Corporation would also berequired to repay the respective advance pursuant to the RepaymentTerms. Repayment of the advances will be accelerated in the eventof the commencement of insolvency proceedings, and certain otherevents of default. If a milestone is achieved, however, then CTIwould remain entitled to the respective advance. In the event thatthe Corporation does not spend a specified amount on thedevelopment of pacritinib from the Effective Date through Feb. 29,2016, payments to Baxalta in an amount equal to such deficiency maybe required or credited against amounts owed to the Corporation incertain circumstances.

In the Amendment, in lieu of entering into a manufacturing andsupply agreement as contemplated by the License Agreement, theParties have also agreed to changes in the provisions of theLicense Agreement regarding manufacturing and supply, includingthat the Parties will each be allocated up to 50% of themanufacturing (subject to certain conditions), with certain pricingadjustments based on comparative costs of supply.

Baxalta beneficially owns approximately 8.7% of CTI's common stockas of April 30, 2015, and Baxalta Incorporated or its affiliatesare parties to a registration rights agreement and other agreementswith CTI.

About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused onthe acquisition, development and commercialization of noveltargeted therapies covering a spectrum of blood-related cancersthat offer a unique benefit to patients and healthcare providers.The Company has a commercial presence in Europe and a late-stagedevelopment pipeline, including pacritinib, CTI's lead productcandidate that is currently being studied in a Phase 3 program forthe treatment of patients with myelofibrosis. CTI BioPharma isheadquartered in Seattle, Washington, with offices in London andMilan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to commonshareholders of $96 million in 2014, compared with a net lossattributable to common shareholders of $49.6 million in 2013.

As of March 31, 2015, the Company had $63.1 million in totalassets, $48.7 million in total liabilities, $240,000 in commonstock purchase warrants, $14.1 million in total shareholders'equity.

DAMES POINT: July 2 Hearing on UST Bid for Dismissal/Conversion---------------------------------------------------------------The U.S. Bankruptcy Court for the Middle District of Florida willconvene a preliminary hearing on July 2, 2015, at 3:00 p.m., toconsider U.S. Trustee's motion to dismiss or convert the Chapter 11case of Dames Point Holdings, LLC, formerly known as B & BProperties to one under Chapter 7 of the Bankruptcy Code.

On March 12, 2013, the Court entered an order vacating theFeb. 28, 2013 order for relief in involuntary Chapter 11 case.

The Court has consolidated the involuntary Chapter 11 case for allpurposes with the voluntary case of William F. Shafnacker.

Gust G. Sarris, Esq., represents the Debtor in its restructuringeffort.

The U.S. Trustee for Region 21 has informed the Bankruptcy Courtthat until further notice, it will not appoint a committee ofcreditors in the Chapter 11 case of Dames Point Holdings becauseof an insufficient number of unsecured creditors willing or ableto serve on an unsecured creditors committee.

DEJOUR ENERGY: Reports C$1.17-Mil. Net Loss in Q1-------------------------------------------------Dejour Energy Inc. filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof C$1.17 million on C$1.28 million of total revenues for the threemonths ended March 31, 2015, compared to a net loss of C$2.98million on C$2.27 million of total revenues for the same period in2014.

The Company's balance sheet at March 31, 2015, showed C$24.3million in total assets, C$13.7 million in total liabilities andtotal stockholders' equity of C$10.6 million.

The Company has a working capital deficiency of $5.5 million, whichincludes a Credit Facility in DEAL of $1.9 million and a loan froma related party of $2.0 million with repayment due in September2015, and accumulated deficit of $99.2 million. Excluding thenon-cash warrant liability of $0.3 million, the adjusted workingcapital deficiency was $5.2 million.

On Nov. 24, 2014 and amended on March 16, 2015, the Company renewedthe Credit Facility with its Bank for a maximum of $2.2 million. Monthly principal payments of $100,000 are due and payable on March16, 2015 and commencing on the 28th of each month thereafter. Asat March 31, 2015, DEAL was in default of its working capital ratiocovenant with a 0.53 to 1 ratio. The Bank is currently conductingits annual review of the Company's Canadian oil and gas reservesfor loan purposes.

The Company's ability to continue as a going concern is dependentupon attaining profitable operations and obtaining sufficientfinancing to meet obligations and continue exploration anddevelopment activities. There is no assurance that theseactivities will be successful. These material uncertainties castsubstantial doubt upon the Company's ability to continue as a goingconcern.

At the same time, S&P assigned its 'B' issue-level rating and '3'recovery rating to the company's proposed $840 million seniorsecured notes due 2022, and S&P's 'CCC+' issue-level rating and '6'recovery rating to the company's $350 million second-lien debt. The '3' recovery rating indicates S&P's expectation for meaningful(50%-70%; in the lower half of the range) recovery in the event ofpayment default, and the '6' recovery rating indicates S&P'sexpectation for negligible (0%-10%) recovery in the event ofpayment default.

S&P expects that Deltek will use the proceeds from the transactionto refinance its current senior notes due 2018 and 2019, and to paya dividend to current shareholders, and pay related transactionfees. S&P will withdraw its ratings on the refinanced notes afterthe transaction closes.

With corporate headquarters in Seattle, Washington, DendreonCorporation, a biotechnology company focused on the development ofnovel cellular immunotherapies to significantly improve treatmentoptions for cancer patients.

Dendreon's first product, PROVENGE (sipuleucel-T), was approved bythe U.S. Food and Drug Administration (FDA) and became commerciallyavailable for the treatment of men with asymptomatic or minimallysymptomatic castrate-resistant (hormone-refractory) prostate cancerin April 2010. Dendreon is traded on the NASDAQ Global Marketunder the symbol DNDN.

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcyprotection (Bankr. D. Del.) on Nov. 10, 2014. The Debtorsrequested that their cases be jointly administered under Case No.14-12515. The petitions were signed by Gregory R. Cox, interimchief financial officer and treasurer.

Dendreon sought bankruptcy protection after it reached agreementson the terms of a financial restructuring with certain holders ofthe Company's 2.875% Convertible Senior Notes due 2016 representing84% of the $620 million aggregate principal amount of the 2016Notes. The financial restructuring may take the form of astand-alone recapitalization or a sale of the Company or itsassets.

The Debtors filed a plan of liquidation and accompanying Disclosurestatement following approval of the sale of substantially all oftheir assets to Valeant Pharmaceuticals International.

A second amended acquisition agreement provides for a higherpurchase price, consisting of common shares of Valeant, having anaggregate value of $49.5 million as of the close of the market onthe Trading Day immediately prior to the Effective Date, paid tothe Debtors as partial consideration for the assets acquired by thepurchaser pursuant to the Sale Order, plus $445.5 million in cashto be delivered at closing of the sale transaction. Pursuant tothe Second Amended Acquisition Agreement, if the amount of theallowed prepetition general unsecured claims did not exceed $200million in the aggregate, then the Valeant Shares could bedistributed proportionately in respect of the 2016 NoteholderClaims. The consideration under the Second Amended AcquisitionAgreement provided an additional $15 million in incremental valueto the Debtors' Estates over that provided for under the AmendedAcquisition Agreement, and $140 million more than the minimumQualified Bid. The Acquired Assets under the Second AmendedAcquisition Agreement included all of the assets contemplated underthe Amended Acquisition Agreement, plus the D-3263 Assets and $80million of cash and cash equivalents of the Debtors.

In their First Amended Plan, the Debtors said they anticipate thatthe liquidation process would take six to twelve months. Wind-downoperating costs would include compensation expenses, insurance,taxes, and the costs of orderly winding down healthcare and otheremployee-related plans. Under a Chapter 7 liquidation, a change inprofessionals would result in lost efficiencies, which is reflectedin a 25% increase in the wind-down budget. The Wind-Down Reserve iscalculated based on estimates and is being provided forillustrative purposes only.

The Office of the Texas Attorney General requests that arepresentative of the Texas Attorney General, or its clientagencies, be allowed to attend any mediation as an observer; andsuggests that retired U.S. Bankruptcy Judge Leif M. Clark continueto serve as mediator in the case given his intimate familiaritywith the facts of the case from presiding over a previous full-daymediation in the matter and his extensive experience in handlingcomplex bankruptcy issues.

As reported in the Troubled Company Reporter on May 26, 2015, theDebtor operates its 122-bed children's hospital at the campus ofUMC pursuant to various agreements. The Debtor claims that theagreements are lopsided. UMC sought to terminate the agreementsamid mounting payables by the Debtor. As of Sept. 30, 2014, UMCasserted that it was owed in excess of $81 million from the Debtor. The Debtor, which is in financial distress, claims it only owes afraction of the amount claimed by UMC.

Taking into consideration the prior two mediations in which theparties have previously participated, as well as their informalnegotiations prior to the Petition Date, the Debtor believes thatthe mediation requested herein is more likely to be successful andefficient under certain parameters:

* First, the Debtor believes that the issues between UMC and theDebtor implicate bankruptcy law in such a crucial way that asitting (or former) Bankruptcy Judge is the most appropriate andqualified person to serve as the Mediator. The Debtor believesthat the ability of a neutral to evaluate the issues between UMCand the Debtor could be a powerful catalyst for resolution,particularly if the mediator is a bankruptcy judge. Accordingly,the Debtor requests that the Court appoint a sitting (or former)bankruptcy judge to serve as the mediator.

* In this vein, the Debtor also proposes that for this mediationthat only one representative (with authority to resolve thedispute) from each of the Debtor and UMC, along with their counsel,attend the mediation.

* The Debtor also proposes that the parties be required tomediate by a date certain in the immediate future.

* Further, if an agreement is reached that is subject toapproval bythe El Paso Commissioner's Court, the Debtor requests that theagreement be binding upon the Debtor and UMC, and the parties thensubmit the agreement to the Commissioner's Court, with the partiesthen having no ability, right, or opportunity to revise orterminate the agreement reached at the mediation.

The Debtor believes such parameters are necessary given that itmust administer its bankruptcy case as efficiently as possible, andgiven the history of the parties' mediations, are most likely toresult in a final agreement.

About El Paso Children's Hospital

El Paso Children's Hospital Corporation operates the El PasoChildren's Hospital, the only not-for-profit children's hospital inthe El Paso region and the only dedicated pediatric hospital withina 200-mile radius of El Paso, Texas. The hospital opened its doorsin February 2012, features 122 private pediatric rooms, and islocated at the campus of El Paso County Hospital District dbaUniversity Medical Center of El Paso ("UMC").

The Debtor estimated $50 million to $100 million in assets andliabilities.

ELBIT IMAGING: Shareholders Exercise Right to Withdraw From BUTU----------------------------------------------------------------Elbit Imaging Ltd. announced that, shareholders holding 21.48% ofBucuresti Turism S.A., exercised their right to withdraw from BUTU. The total amount payable by BUTU for those withdrawal requests isapproximately Euro 13.9 million (approximately USD 15.5 million). An amount of Euro 2 million was financed by BUTU from its ownresources and the remainder in the amount of approximately Euro11.9 million was financed by the Company through shareholder loangranted to BUTU.

Upon the completion of the delisting, all the shares acquired byBUTU during the delisting process will be cancelled and the sharecapital of BUTU will be decreased accordingly. Following the sharecapital decrease, the Company will hold (indirectly) approximately98% of BUTU's share capital.

Following the expiry of the withdrawing term and following thepayment of the aforesaid amount to the withdrawing shareholders,BUTU will be delisted from RASDAQ market upon the approval of theFinancial Supervisory Authority in Romania.

Mr. Ron Hadassi, Chairman of the Board of Directors, commented:"The completion of the takeover by the Company over the "RadissonBlu" Hotel in Bucharest is part of the Company's strategic plan toinvest in the high-quality assets of the Company in order tomaximize their potential. The Company believes that the Hotel hasa significant future betterment potential, in view of theimprovement in the Hotel's business results in recent years as wellas the improvement in the macroeconomic environment in Romania."

Mr. Doron Moshe, acting CEO and chief financial officer furtheradded, "The purchase of the minority interest and the delisting ofBUTU will allow the Company greater flexibility in the managementand operation of the Hotel and in the management and use of theHotel's free cash flow. For that purpose, the Company investedapproximately Euro 11.9 million through a shareholder loan grantedto BUTU."

Simultaneously to the minority interest purchase proceeding, and aspart of the Company's strategy to improve the real estate value ofthe Hotel, the Company has launched an extensive renovation processat the Hotel and the conversion of approx. 160 rooms intoapartments to be operated under the Park Inn brand. The estimatedcost of the renovation is approx. Euro 6 million, and will befinanced by the Hotel's own resources.

About "Radisson Blu" in Bucharest, Romania

The hotel was opened in September 2008 and is located in the centerof Bucharest and since then constituted a significant part of theexclusive hotels market in Bucharest. The hotel consists of 719rooms and it is managed by Rezidor. The hotel also includesapproximately 7,200 square meters of commercial areas including World Class Fitness Center, Platinum Casino and commercial area offashion, jewelry, gifts, antiques and beauty shops.

Since February 2013, Elbit has intensively endeavored to come toan arrangement with its creditors. Elbit has said it has beenhanging by a thread for more than five months. It has encounteredcash flow difficulties and this burdens its day to day activities,and it certainly cannot make the necessary investments to improveits assets. In light of the arrangement proceedings, andaccording to the demands of most of the bondholders, as well as anagreement that was signed on March 19, 2013, between Elbit and theTrustees of six out of eight series of bonds, Elbit is prohibited,inter alia, from paying off its debts to the financial creditors-- and as a result a petition to liquidate Elbit was filed, andBank Hapoalim has declared its debts immediately payable,threatening to realize pledges that were given to the Bank onmaterial assets of the Company -- and Elbit undertook not to sellmaterial assets of the Company and not to perform any transactionthat is not during its ordinary course of business without givingan advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examiningthe debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Companythat the Tel Aviv District Court has appointed Adv. Giroa Erdinastas a receiver with regards to the ordinary shares of the Companyheld by Europe Israel securing Europe Israel's obligations underits loan agreement with Bank Hapoalim B.M. The judgment statedthat the Receiver is not authorized to sell the Company's sharesat this stage. Following a request of Europe-Israel, the Courtalso delayed any action to be taken with regards to the sale ofthose shares for a period of 60 days. Europe Israel andMr. Zisser have also notified the Company that they utterly rejectthe Bank's claims and intend to appeal the Court's ruling.

ELITE PHARMACEUTICALS: Signs Licensing Agreement with Epic----------------------------------------------------------Elite Pharmaceuticals, Inc., has entered into a sales anddistribution licensing agreement with Epic Pharma LLC for ELI-200,an abuse-deterrent opioid utilizing Elite's proprietarypharmacological abuse-deterrent technology. Epic will beresponsible for sales and marketing of ELI-200, and Elite will beresponsible for the manufacture of the product. Epic will payElite non-refundable milestone payments totaling $15 million and aroyalty based on net product sales. The term of the License isfive years and the License is renewable upon mutual agreement atthe end of the initial term.

Elite also announced the dosing of the first subjects for anELI-200 Phase III clinical study. This Phase III study is amulti-center, randomized, multiple-dose, blinded,placebo-controlled, parallel group, study to evaluate the efficacyand safety of abuse deterrent ELI-200 for the treatment of adultswith moderate to severe pain following surgery. The study willenroll approximately 165 patients at five clinical sites.

"Epic is pleased to have an opportunity to market this importantnew product and to add to our current pipeline of opioid productsthat includes a pending application for an abuse-deterrentoxycodone HCl extended release product," said Dr. Ashok Nigalaye,chief executive officer of Epic. "ELI-200 will allow Epic toextend its reach in the anti-abuse pain space, and to position bothcompanies for long-term growth."

"I am delighted to have a partner like Epic for Elite's firstabuse-deterrent product," said Nasrat Hakim, president and chiefexecutive officer of Elite Pharmaceuticals. "We will work closelywith Epic to prepare for and ensure a successful launch. TheELI-200 Phase III study is expected to be wrapped up later thisyear and we expect an NDA filing for ELI-200 by year's end."

About Elite Pharmaceuticals

Northvale, New Jersey-based Elite Pharmaceuticals, Inc., is aspecialty pharmaceutical company principally engaged in thedevelopment and manufacture of oral, controlled-release products,using proprietary technology and the development and manufactureof generic pharmaceuticals. The Company has one product,Phentermine 37.5mg tablets, currently being sold commercially.

Elite Pharmaceuticals disclosed a net loss attributable to commonshareholders of $96.6 million on $4.60 million of total revenuesfor the year ended March 31, 2014, as compared with net incomeattributable to common shareholders of $1.48 million on $3.40million of total revenues for the year ended March 31, 2013.

As of Dec. 31, 2014, Elite Pharmaceuticals had $25.7 million intotal assets, $56.2 million in total liabilities and a $30.53million total stockholders' deficit.

Energy Future Holdings Corp., formerly known as TXU Corp., is aprivately held diversified energy holding company with a portfolioof competitive and regulated energy businesses in Texas. Oncor,an 80 percent-owned entity within the EFH group, is the largestregulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million deliverypoints in and around Dallas-Fort Worth. EFH Corp. was created inOctober 2007 in a $45 billion leverage buyout of Texas powercompany TXU in a deal led by private-equity companies KohlbergKravis Roberts & Co. and TPG Inc.

An Official Committee of Unsecured Creditors has been appointed inthe case. The Committee represents the interests of the unsecuredcreditors of ONLY of Energy Future Competitive Holdings CompanyLLC; EFCH's direct subsidiary, Texas Competitive Electric HoldingsCompany LLC; and EFH Corporate Services Company, and of no otherdebtors. The Committee has selected Morrison & Foerster LLP andPolsinelli PC for representation in this high-profile energyrestructuring. The lawyers working on the case are James M. Peck,Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., atMorrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., atPolsinelli PC.

ENERGY FUTURE: July 13 Hearing to Determine Oncor Leading Bidder----------------------------------------------------------------James Osborne at The Dallas Morning News reports that a hearing todetermine the leading bidder for Energy Future Holdings Corp.'spower line company Oncor is scheduled for July 13, 2015.

NextEra Energy, Bloomberg News relates, has submitted the leadingbid in an auction process that is expected to reap the Company $18billion. The Dallas Morning News says that the deal still awaitsapproval by Company's board of directors.

According to The Dallas Morning News, rival bids are expected fromDallas billionaire Ray L. Hunt, chairman of Hunt Consolidated whowas poised to take over Oncor in 2014 through a deal with theCompany's creditors until NextEra offered more money. The reportadds that Warren Buffet's Berkshire Hathaway and Houston utilityCenterPoint could also be possible bidders.

The Company said in court filings earlier this year that itexpected the Oncor sale to be completed by August.

About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is aprivately held diversified energy holding company with a portfolioof competitive and regulated energy businesses in Texas. Oncor,an 80 percent-owned entity within the EFH group, is the largestregulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million deliverypoints in and around Dallas-Fort Worth. EFH Corp. was created inOctober 2007 in a $45 billion leverage buyout of Texas powercompany TXU in a deal led by private-equity companies KohlbergKravis Roberts & Co. and TPG Inc.

EXPERIENCE INC: Point Park to Disable Career Network Website------------------------------------------------------------Justine Coyne at Pittsburgh Business Times reports that Point ParkUniversity will disable its career network website on June 30,2015. Business Times quoted Angela Scaramucci, coordinator ofemployee relations as Point Park University's Career DevelopmentCenter, as saying, "The company that hosts the site (Experience)has filed for bankruptcy, which has forced us to pursue anothersoftware company."

Boston, Massachusetts-based Experience Inc. is a wholly-ownedsubsidiary of ConnectEDU.com. It filed for Chapter 11 bankruptcyprotection (Bankr. S.D.N.Y. Case No. 14-11240) on April 28, 2014,estimating its assets and liabilities at between $1 million and $10million each. The petition was signed by Mark Podgainy, chiefrestructuring officer.

FINJAN HOLDINGS: June Markman Hearing Set for Proofpoint, Symantec------------------------------------------------------------------Finjan Holdings, Inc., released an update on its subsidiary Finjan,Inc.'s lawsuits against Proofpoint, Inc. and Symantec Corporation. Both cases are pending in the Northern District of California andhave Markman Hearings scheduled in June.

Finjan filed a patent infringement lawsuit against Proofpoint onDec. 16, 2013 (3:13-cv-05808-HSG (CAND)). The Proofpoint matter isbefore the Honorable Haywood S. Gilliam of the U.S. District Courtfor the Northern District of California. Finjan asserts thatProofpoint is infringing eight of its U.S. Patent Nos.: 6,154,844;7,058,822; 7,613,918; 7,647,633; 7,975,305; 8,079,086; 8,141,154;and 8,225,408, which cover Endpoint and Network Securitytechnologies. The Proofpoint Claim Construction or "Markman"Hearing is set for June 24, 2015, at 10 a.m. (PT).

The Markman hearing is an important pre-trial event in a patentlawsuit, wherein the Court will interpret certain disputed claimterms (aka claim elements) in the asserted Finjan patent claims,after consideration of the parties' evidence. As previouslyreported in its suits against Blue Coat Systems and Sophos Ltd.,Finjan has received favorable claim constructions in support oftheir infringement assertions in those matters.

"Consistent with our Best Practices, we will continue to presentour patent infringement claims credibly and convincingly toestablish their merits for the Court," said Julie Mar-Spinola,chief IP officer and VP, legal operations. Finjan established aset of Licensing Best Practices in 2014 to outline the principlesby which it operates and to call upon the intellectual propertyindustry to adopt practices that foster and support technologicaladvancements, investments in innovation, and job creation.

In addition to its patent infringement suits against Proofpoint,Symantec, Blue Coat Systems, and Sophos, Finjan has also filedpatent infringement lawsuits against FireEye, Inc. and Palo AltoNetworks, Inc. relating to various patents in the Finjan portfolio. The Company will provide timely updates of important eventsrelating to these matters on an ongoing basis.

About Finjan

Finjan, formerly known as Converted Organics, is a leading onlinesecurity and technology company which owns a portfolio of patents,related to software that proactively detects malicious code andthereby protects end-users from identity and data theft, spyware,malware, phishing, trojans and other online threats. Founded in1997, Finjan is one of the first companies to develop and patenttechnology and software that is capable of detecting previouslyunknown and emerging threats on a real-time, behavior-based basis,in contrast to signature-based methods of intercepting only knownthreats to computers, which were previously standard in the onlinesecurity industry.

Finjan reported a net loss of $10.47 million on $4.99 million ofrevenues for the year ended Dec. 31, 2014, compared to a net lossof $6.07 million on $0 of revenues in 2013.

As of March 31, 2015, the Company had $16.5 million in totalassets, $2.19 million in total liabilities, and $14.3 million intotal stockholders' equity.

FLEXPOINT SENSOR: Reports $479K Net Loss in First Quarter---------------------------------------------------------Flexpoint Sensor Systems, Inc., filed its quarterly report on Form10-Q, disclosing a net loss of $479,000 on $32,000 of revenue forthe three months ended March 31, 2015, compared with a net loss of$245,000 on $53,400 of revenue for the same period in the prioryear.

The Company's balance sheet at March 31, 2015, showed $5.26 millionin total assets, $772,000 in total liabilities, and stockholders'equity of $4.49 million.

Flexpoint Sensor Systems, Inc., has developed and patented the BendSensor technology. The Bend Sensor is a technological breakthroughthat offers a superior solution for applications that requireaccurate measurement and sensing of deflection, acceleration andrange of motion. Global market opportunities include automotive,medical, industrial controls, government, health and fitness,security, computer, aerospace, transportation and consumerproducts.

Flexpoint Sensor Systems, Inc., reported a net loss of $979,000 on$270,000 of engineering, contract and testing revenue for the yearended Dec. 31, 2014, compared to a net loss of $960,000 on $101,000of engineering, contract and testing revenue in 2013.

Sadler, Gibb & Associates, LLC, expressed substantial doubt aboutthe Company's ability to continue as a going concern, citing thatthe Company has an accumulated deficit of $21.4 million as of Dec.31, 2014.

FOUR OAKS: Names David Rupp as New Chief Executive Officer----------------------------------------------------------Four Oaks Fincorp, Inc., the holding company for Four Oaks Bank &Trust Company, announced that on June 8, 2015, the Board ofDirectors of the Company approved a management transition planwhereby (i) David H. Rupp, the Company's current president, chiefoperating officer and member of the Board, will become chiefexecutive officer of the Company and the Bank and (ii) Ayden R.Lee, Jr., who has been serving as the chief executive officer ofthe Company and the Bank, will become the executive chairman of theCompany.

As Executive Chairman, Mr. Lee will provide, among other things,strategic, governance, shareholder relations, and risk managementsupport and oversight to the Company, its executive team and theBoard. Mr. Lee will also continue in his role as Chairman of theBoard. Upon being appointed as chief executive officer, Mr. Ruppwill no longer serve as the chief operating officer of the Companybut will continue serving as the president and a member of theBoard. The Transition Plan is targeted to become effective on orabout June 30, 2015, and is subject to approval by the FederalReserve Bank of Richmond.

Mr. Rupp has been serving as the Company's president and chiefoperating officer since March 2015, after serving as executive vicepresident and chief operating officer since October 2014 and seniorvice president, Strategic Project Manager since June 2014. He wasalso appointed to the Board on March 23, 2015. Prior to joiningthe Bank, he most recently served as Retail Banking and MortgagePresident of VantageSouth Bank from 2012 to 2014. From 2009 to2011, Mr. Rupp served as chief executive officer of Greystone Bankand, from 2008 to 2009, he served as Senior executive vicepresident of Regions Financial Corporation. Prior to hisemployment with Regions Financial Corporation, Mr. Rupp heldvarious positions at Bank of America and First Union Corporation.

"It has been my great honor to serve as the Company's CEO since1980; and to have been surrounded by an outstanding board and teamof community bankers for the entire period. The Company and Bankare now at a good place and it is an appropriate time for me tostep down. David Rupp is an outstanding leader and I am bothpleased and excited to transition the CEO reins to him. Pleasejoin me in both welcoming and supporting David as he leads theCompany forward," said Mr. Lee.

About Four Oaks

Four Oaks Bank & Trust Company is a state chartered bankheadquartered in Four Oaks, North Carolina, where it was charteredin 1912. The wholly-owned subsidiary of Four Oaks Fincorp, Inc.,the single bank holding company trading under the symbol FOFN onthe OTCQX Marketplace, the Bank had $820.8 million in assets as ofDec. 31, 2014. The Bank presently operates thirteen brancheslocated in Four Oaks, Clayton, Garner, Smithfield, Benson,Fuquay-Varina, Holly Springs, Wallace, Harrells, Zebulon, Dunn andRaleigh and loan production offices in Southern Pines and inRaleigh, North Carolina.

Four Oaks Fincorp reported a net loss of $4.18 million in 2014, anet loss of $350,000 in 2013, a net loss of $6.96 million in 2012and a net loss of $9.09 million in 2011. As of Dec. 31, 2014, theCompany had $821 million in total assets, $780 million in totalliabilities and $40.7 million in total shareholders' equity.

As of March 31, 2015, Four Oaks had $767 million in total assets,$725 million in total liabilities and $42.4 million in totalshareholders' equity.

Written Agreement

In late May 2011, the Company and the Bank entered into a WrittenAgreement with the Federal Reserve Bank of Richmond and the NorthCarolina Commissioner of Banks. Under the terms of the WrittenAgreement, the Bank developed and submitted for approval, withinthe time periods specified, plans to:

* revise lending and credit administration policies and procedures at the Bank and provide relevant training

* improve the Bank's position with respect to loans, relationships, or other assets in excess of $750,000, which are now or in the future become past due more than 90 days, are on the Bank's problem loan list, or adversely classified in any report of examination of the Bank, and

* review and revise the Bank's current policy regarding the

Bank's allowance for loan and lease losses and maintain a program for the maintenance of an adequate allowance.

FREDERICK'S OF HOLLYWOOD: Bayard Okayed as Committee Co-Counsel---------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware authorizedthe Official Committee of Unsecured Creditors in the Chapter 11cases of Frederick's of Hollywood, Inc., et al., to retain Bayard,P.A. as its co-counsel, nunc pro tunc to April 28, 2015.

Mr. Alberto, an associate at Bayard, which maintains offices forthe practice of law at 222 Delaware Avenue, Suite 900, Wilmington,Delaware, tells the Court that all Bayard professionals willinvoice at a 10% discount from their standard hourly rates. Bayardhas further advised the Committee that its ordinary hourly ratesrange from $500 to $950 per hour for directors, from $350 to $450per hour for associates, and from $240 to $295 per hour forparaprofessionals.

The primary attorney and paralegal expected to represent theCommittee, and their discounted hourly rates are:

Justin R. Alberto $405 Larry Morton, paralegal $265

Other attorneys and paralegals will render services to theCommittee as needed.

To the best of the Committee's knowledge, Bayard is a"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code.

About Frederick's

Frederick's of Hollywood Group Inc., sells women's apparel andrelated products under its proprietary Frederick's of Hollywoodbrand. Frederick's had more than 200 brick-and-mortar stores atits peak. At present it sells its products at its online shop athttp://www.fredericks.com/

On April 19, 2015, Frederick's of Hollywood and five affiliateseach filed voluntary petitions for relief under Chapter 11 of theUnited States Bankruptcy Code. The cases are pending approval tobe jointly administered under Case No. 15-10836 before theHonorable Kevin Gross (Bankr. D. Del.).

The Company disclosed $36.5 million in assets and $106 million indebt as of the bankruptcy filing. The material debt obligationsprincipally consist of $33 million in loans under a secured creditagreement, $16.2 million in unsecured promissory notes, and $56.7million in trade debt and liabilities to landlords.

The Company disclosed, in its schedules, $131,346,087 in assets and$118,036,690 in liabilities as of the Chapter 11 filing.

Andrew R. Vara, Acting U.S. Trustee for Region 3, notified theU.S. Bankruptcy Court in Delaware that he has appointed sevenmembers to the Official Committee of Unsecured Creditors. CooleyLLP serves as lead counsel; Bayard, P.A. as its co-counsel; and BDO USA LLP as its financial advisor.

FREDERICK'S OF HOLLYWOOD: BDO Okayed as Committee Advisor---------------------------------------------------------The Hon. Kevin Gross of the U.S. Bankruptcy Court for the Districtof Delaware authorized the Official Committee of UnsecuredCreditors in the Chapter 11 cases of Frederick's of Hollywood,Inc., et al., to retain BDO Consulting, a division of BDO USA, LLPas its financial advisor, nunc pro tunc to April 30, 2015.

BDO is expected to, among other things:

a) analyze the financial operations of the Debtors pre- andpost-petition, as necessary;

b) analyze the financial ramifications of any proposedtransactions for which the Debtors seek Bankruptcy Court approvalincluding, but not limited to, postpetition financing, any sale(s)of all or a portion of the Debtors' assets, and the retention ofmanagement or employee incentive and severance plans; and

c) conduct any requested financial analyses including verifyingthe material assets and liabilities of the Debtors, as necessary,and their values.

David E. Berliner, a Certified Public Accountant, licensed underthe laws of the State of New York, a Certified Insolvency andRestructuring Advisor (CIRA), a Certified Turnaround Professional(CTP), and a partner in the firm of BDO Consulting, told the Courtthat the hourly rates of BDO's personnel are:

Mr. Berliner noted that at the Committee's request, BDO has agreedto these discounts from its standard hourly billing rates: partners(20%), managing directors (15%), and all other professionals (10%).

BDO customarily charges its clients for reasonable out-of-pocketcosts and expenses incurred by BDO in connection with theassignment.

To the best of the Committee's knowledge, BDO is a "disinterestedperson" as that term is defined in Section 101(14) of theBankruptcy Code.

About Frederick's

Frederick's of Hollywood Group Inc., sells women's apparel andrelated products under its proprietary Frederick's of Hollywoodbrand. Frederick's had more than 200 brick-and-mortar stores atits peak. At present it sells its products at its online shop athttp://www.fredericks.com/

On April 19, 2015, Frederick's of Hollywood and five affiliateseach filed voluntary petitions for relief under Chapter 11 of theUnited States Bankruptcy Code. The cases are pending approval tobe jointly administered under Case No. 15-10836 before theHonorable Kevin Gross (Bankr. D. Del.).

The Company disclosed $36.5 million in assets and $106 million indebt as of the bankruptcy filing. The material debt obligationsprincipally consist of $33 million in loans under a secured creditagreement, $16.2 million in unsecured promissory notes, and $56.7million in trade debt and liabilities to landlords.

The Company disclosed, in its schedules, $131,346,087 in assets and$118,036,690 in liabilities as of the Chapter 11 filing.

Andrew R. Vara, Acting U.S. Trustee for Region 3, notified theU.S. Bankruptcy Court in Delaware that he has appointed sevenmembers to the Official Committee of Unsecured Creditors. CooleyLLP serves as lead counsel; Bayard, P.A. as its co-counsel; and BDO USA LLP as its financial advisor.

FREDERICK'S OF HOLLYWOOD: Cooley Okayed as Committee Lead Counsel-----------------------------------------------------------------The Hon. Kevin Gross of the U.S. Bankruptcy Court for the Districtof Delaware authorized The Official Committee of UnsecuredCreditors in the Chapter 11 cases of Frederick's of Hollywood,Inc., et al., to retain Cooley as its lead counsel, nunc pro tuncto April 28, 2015.

The hourly rates of the Cooley professionals anticipated to beprimarily staffed on the matter are:

To the best of the Committee's knowledge, Cooley represents nointerest adverse to the Committee, the Debtors, their estates, orany other party-in-interest.

About Frederick's

Frederick's of Hollywood Group Inc., sells women's apparel andrelated products under its proprietary Frederick's of Hollywoodbrand. Frederick's had more than 200 brick-and-mortar stores atits peak. At present it sells its products at its online shop athttp://www.fredericks.com/

On April 19, 2015, Frederick's of Hollywood and five affiliateseach filed voluntary petitions for relief under Chapter 11 of theUnited States Bankruptcy Code. The cases are pending approval tobe jointly administered under Case No. 15-10836 before theHonorable Kevin Gross (Bankr. D. Del.).

The Company disclosed $36.5 million in assets and $106 million indebt as of the bankruptcy filing. The material debt obligationsprincipally consist of $33 million in loans under a secured creditagreement, $16.2 million in unsecured promissory notes, and $56.7million in trade debt and liabilities to landlords.

The Company disclosed, in its schedules, $131,346,087 in assets and$118,036,690 in liabilities as of the Chapter 11 filing.

Andrew R. Vara, Acting U.S. Trustee for Region 3, notified theU.S. Bankruptcy Court in Delaware that he has appointed sevenmembers to the Official Committee of Unsecured Creditors. CooleyLLP serves as lead counsel; Bayard, P.A. as its co-counsel; and BDO USA LLP as its financial advisor.

FREDERICK'S OF HOLLYWOOD: Court Issues 3rd Interim DIP Order------------------------------------------------------------Judge Kevin Gross on June 3, 2015, entered a third interim orderauthorizing Frederick's of Hollywood Inc., et al., to access DIPfinancing and use cash collateral. The order provides that theDebtors are authorized to borrow under the DIP Creditor Facility onan interim basis in an amount not to exceed $8 million. The orderalso provides that the Debtors are authorized to use cashcollateral to make payments on the Debtors' prepetitionobligations, provided that the payments will not exceed $3million.

A final hearing on the Debtors' request to access DIP financing isscheduled for June 16, 2015.

DIP Financing Motion

As previously reported by The Troubled Company Reporter, Salus CLO2012-1, Ltd, as lender, and Salus Capital Partners, LLC, asadministrative agent and collateral agent, have agreed to providethe Debtors are revolving credit facility in the maximum committedamount of $11 million.

The DIP Facility will mature 6 months from the execution of the DIPCredit Agreement. The DIP Facility will bear interest at the LIBORRate plus 15.5%. The DIP Agent will charge an unused line ofcredit fee, and collateral monitoring fees. The DIP CreditAgreement contains usual and customary events of default.

The Debtors owe the aggregate principal amount of $32,988,000pursuant to prepetition funded debt provided by lenders and SCP, asadministrative agent and collateral agent.

About Frederick's

Frederick's of Hollywood Group Inc., sells women's apparel andrelated products under its proprietary Frederick's of Hollywoodbrand. Frederick's had more than 200 brick-and-mortar stores atits peak. At present it sells its products at its online shop athttp://www.fredericks.com/

On April 19, 2015, Frederick's of Hollywood and five affiliateseach filed voluntary petitions for relief under Chapter 11 of theUnited States Bankruptcy Code. The cases are pending approval tobe jointly administered under Case No. 15-10836 before theHonorable Kevin Gross (Bankr. D. Del.).

The Company disclosed $36.5 million in assets and $106 million indebt as of the bankruptcy filing. The material debt obligationsprincipally consist of $33 million in loans under a secured creditagreement, $16.2 million in unsecured promissory notes, and $56.7million in trade debt and liabilities to landlords.

Andrew R. Vara, Acting U.S. Trustee for Region 3, notified theU.S. Bankruptcy Court in Delaware that he has appointed sevenmembers to the Official Committee of Unsecured Creditors in theChapter 11 cases of Frederick's of Hollywood, Inc., and its debtoraffiliates.

FREDERICK'S OF HOLLYWOOD: Seeks General Release for Salus---------------------------------------------------------Frederick's of Hollywood Inc., et al., at a hearing on June 16,2015, are slated to seek final approval of their request to obtainDIP financing fr0m Salus CLO 2012-1, Ltd, as lender, and SalusCapital Partners, LLC, as administrative agent and collateralagent. The Debtors have filed a motion asking the Court to includein the Final DIP Order, among other things, these terms:

(a) a general release of the DIP Agent, DIP Lenders, thePrepetition Agent, the Prepetition Lenders excluding FSR asPrepetition Agent, a Prepetition Lender, or a participant in theDebtors' obligations under the Prepetition Credit Agreement orotherwise (collectively, the "Salus Secured Parties") andSalus Capital Partners, LLC, and Salus CLO 2012-1, Ltd(collectively, with the Salus Secured Parties, the "SalusParties"), each in all capacities as of the entry of the FinalOrder, and

(b) termination of the challenge period as to the Salus Parties.

On April 20, 2015, the Debtors filed with the Court the OriginalDIP Financing Motion. Following a first day hearing to considerthe relief requested in the Original DIP Financing Motion on aninterim basis, on April 21, 2015, the Court entered an interimorder approving the Original DIP Financing Motion to the extent setforth therein. On May 18, 2015, the Court entered a second interimorder approving the Original DIP Financing Motion to the extent setforth therein. On June 3, 2015, the Court entered a third interimorder approving the Original DIP Financing Motion to the extent setforth therein. Each of the Interim Order, Second Interim Order,and Third Interim Order provided that Challenges could be broughtby no later than 60 days after the date of its formation withrespect to the Committee, and 75 days from the date of entry of theInterim Order for all other parties-in-interest; provided, however,that if, prior to the Challenge Deadline, the cases convert tocases under Chapter 7 or if a Chapter 11 trustee is appointed, theChallenge Deadline would have been extended to 45 days after suchappointment. The entry of the Final Order will terminate theChallenge Period as to the Salus Parties.

Counsel to the Debtors, Joseph C. Barsalona II, Esq., at Richards,Layton & Finger, PA, explains that since the Petition Date, theDebtors, the DIP Agent, DIP Lenders, the Prepetition Agent, thePrepetition Lenders, FSR, the HGI Entities and, after theirappointment, the Committee, have engaged in negotiations that wouldallow for a consensual resolution of the chapter 11 cases and thefiling of a plan of liquidation.

As part of the Settlement, the parties have agreed that, upon theclosing of the sale of substantially all of the Debtors' assets,all liens securing the DIP Obligations and the PrepetitionObligations shall be transferred to the proceeds of such sale, andsuch proceeds shall be applied at the closing of the sale topermanently and indefeasibly repay the DIP Obligations and thePrepetition Obligations related to the Line of Credit (other thanthose participated to the Term Lender), as applicable, in full, incash (the "Salus Payoff"). In addition, as part of the Settlement,the Debtors have agreed to fund a Payoff Reserve to cover any feesand expenses owing to the DIP Agent, DIP Lenders, Prepetition Agentor Prepetition Lenders that are required to be paid after theclosing of the sale.

Upon the Salus Payoff and the funding of the Payoff Reserve, theSettlement contemplates that all Obligations to the Salus SecuredParties will be permanently and indefeasibly repaid in full, incash. As a result, the Salus Secured Parties will no longer haveinterest in the Cash Collateral or liens against the Debtors'assets or property and the Debtors will be free to use CashCollateral and otherwise conduct the chapter 11 cases without theconsent of any of the Salus Secured Parties and withoutestablishing a reserve to cover any further Obligations.

In order to ensure that the Salus Secured Parties are, in fact,permanently and indefeasibly repaid in full, in cash, as of theclosing of the sale (i.e., to ensure that such cash cannot beclawed back at a later date), the Salus Secured Parties haverequired, as part of the Settlement, a General Release upon entryof the Final Order.

Mr. Barsalona avers that in the absence of such General Releasesbeing granted, the Salus Secured Parties may not consent to furtheruse of Cash Collateral or may require a substantial reserve to beheld back from the Cash Collateral to protect them from aChallenge. The Debtors could contest the right of the SalusSecured Parties to withhold consent or require a significantreserve, but such a contest would likely result in significantexpense and delay for the Debtors. Moreover, the Committee hasinvestigated potential claims and causes of action against thePrepetition Lenders and has determined to resolve such potentialclaims and causes of action in exchange for the considerationembodied in the Settlement.

DIP Financing Motion

As previously reported by The Troubled Company Reporter, Salus CLO2012-1, Ltd, as lender, and Salus Capital Partners, LLC, asadministrative agent and collateral agent, have agreed to providethe Debtors are revolving credit facility in the maximum committedamount of $11 million.

The DIP Facility will mature 6 months from the execution of the DIPCredit Agreement. The DIP Facility will bear interest at the LIBORRate plus 15.5%. The DIP Agent will charge an unused line ofcredit fee, and collateral monitoring fees. The DIP CreditAgreement contains usual and customary events of default.

The Debtors owe the aggregate principal amount of $32,988,000pursuant to prepetition funded debt provided by lenders and SCP, asadministrative agent and collateral agent.

About Frederick's

Frederick's of Hollywood Group Inc., sells women's apparel andrelated products under its proprietary Frederick's of Hollywoodbrand. Frederick's had more than 200 brick-and-mortar stores atits peak. At present it sells its products at its online shop athttp://www.fredericks.com/

Frederick's of Hollywood and five affiliates each filed voluntarypetitions for relief under Chapter 11 of the Bankruptcy Code(Bankr. D. Del. Lead Case No. 15-10836) on April 19, 2015. Thecases are before the Honorable Kevin Gross.

The Company disclosed $36.5 million in assets and $106 million indebt as of the bankruptcy filing. The material debt obligationsprincipally consist of $33 million in loans under a secured creditagreement, $16.2 million in unsecured promissory notes, and $56.7million in trade debt and liabilities to landlords.

Andrew R. Vara, Acting U.S. Trustee for Region 3, notified theU.S. Bankruptcy Court in Delaware that he has appointed sevenmembers to the Official Committee of Unsecured Creditors in theChapter 11 cases of Frederick's of Hollywood, Inc., and its debtoraffiliates.

FURNITURE BRANDS: Liquidating Trustee Has Settlement Pact With EPA------------------------------------------------------------------On June 3, 2015, the Liquidating Trustee lodged a proposedstipulation by and between the Liquidating Trustee and the U.S.Environmental Protection Agency with the U.S. Bankruptcy Court forthe District of Delaware, in the Chapter 11 bankruptcy of FBI WindDown, Inc., fka Furniture Brands International, Inc., et al.

The Settlement Agreement resolves the claims of the U.S. set forthin the proof of claim against Thomasville Furniture Industries,Inc., for costs incurred and to be incurred in connection with theBuckingham County Landfill Site, located in Dillwyn, BuckinghamCounty, Virginia, pursuant to Section 107 of the ComprehensiveEnvironmental Response, Compensation, and Liability Act, 42 U.S.C.9607. Under the Settlement Agreement, the Liquidating Trusteeagrees to an allowed and fixed general unsecured claim in theamount of $6 million for costs incurred and to be incurred by theU.S. Environmental Protection Agency at the Site.

In November 2013, Furniture Brands won bankruptcy court approvalto sell the business to KPS Capital Partners LP for $280 million.Private-equity investor KPS formed a new company named HeritageHome Group LLC to operate the business. Furniture Brands changedits name to FBI Wind Down, Inc., following the sale.

The Debtors on July 14, 2014, won confirmation of their SecondAmended Joint Plan of Liquidation as filed on July 9, 2014.

GBG RANCH: Updates Full-Payment Liquidating Plan------------------------------------------------GBG Ranch, Ltd., filed an amended liquidating plan to incorporatedevelopments in the Chapter 11 case since the filing of theoriginal iteration of the plan. The Debtor's plan proposes to payall claims in full.

GB Ranch owns three ranches in Laredow, Webb County, Texas: HillRanch, the Corazon Ranch, and the Oilton Ranch.

The Debtor has successfully conducted two auction sales of trackson the Hill Ranch. Hill Cuchilla, LLC as assignee of Memo, won theauction for the Hill Tracts 1, 2, 8 and 9 with its $4,079,542offer. Hill Cuchilla, LLC, won the auction for Hill Tracts 3 and 4with a $5,475,000 bid. The Debtor still owns 3 Hill Ranch tracts– Tract 5, Tract 6 and Tract 7.

The Corazon Ranch has been appraised at $13,470,000 or $1,525 peracre. Pursuant to the Wind Stipulation, the Debtor intends toconvey the Corazon into the GBG Ranch Trust in order to facilitatethe exploitation of the wind opportunities on the Corazon.

As for the Oilton Ranch, in April 2015, the Debtor, Quita Wind andTorrecillas Wind Energy, Company, LLC, sought and obtained approvalof the assumption of the Torrecillas Wind Lease dated March 31,2014 on the Oilton Ranch. The Debtor received notification on Aril30, 2015 that the Torrecillas Wind Project is on track for a 2016construction start date as well as confirmation that the DelayRental payable under the Wind Lease has been funded to the IOLTAaccount of Clemens & Spencer, P.C.

In accordance with the Wind Stipulation, the Debtor has agreed toliquidate the non-mineral classified lands located on the Hillconsisting of Tracts 1, 2, 3, 4, 6, 7, 8 and 9, and Transfer thesurface estate, including the mineral classified portion of theCorazon, the surface estate of the Oilton, and the mineralclassified lands of the Hill (Tract 513) into a Texas domestictrust (the "GBG Ranch Trust") which shall have two classes ofbeneficiaries: "Surface Estate Beneficiaries"; and "Wind RevenueBeneficiaries". Alternatively, in the event that the Frost BankTrust Department, or another qualified trustee is identified forthe GBG Ranch Trust, but the trustee declines to accept theCorazon, the Oilton or the Hill Tracts ("Rejected Plan Assets"),the Debtor will cause the Rejected Plan Assets to be sold.

The Debtor has no secured debt and, therefore, there are no securedclaims scheduled. According to the Amended Disclosure Statement,the priority and/or secured claims of taxing authorities (Class 1)will be paid in full on the effective date of the Plan. Allowedgeneral unsecured claims of third parties (Class 2) estimated at$52,835 will be paid in full from cash on hand on the EffectiveDate. The general unsecured claims of affiliated entities (Class3) will be paid in full within 30 business days following the dayon which the claims become and allowed pursuant to a final order. Holders of equity interests will receive their pro rata sharedistribution of the cash on hand after payment of all allowedadministrative expenses and all allowed Class 2 and Class 3claims.

A redlined copy of the disclosure statement explaining the Debtor'sFirst Amended Plan of Liquidation dated May 19, 2015, is availablefor free at:

GWA, located in St. George, Utah, was originally authorized by theUtah State Charter School Board in 2006 and has been operationalsince fiscal 2007. The school currently serves grades kindergartenthrough eighth grade, with an emphasis on CORE Knowledgecurriculum.

GIGGLES N HUGS: Reports $319K Net Loss in March 29 Quarter----------------------------------------------------------Giggle N Hugs, Inc., filed its quarterly report on Form 10-Q,disclosing a net loss of $319,000 on $918,000 of revenue for the 13weeks ended March 29, 2015, compared with a net loss of $506,000 on$822,000 of revenue for the same period last year.

The Company's balance sheet at March 29, 2015, showed $2.68 millionin total assets, $2.86 million in total liabilities, and astockholders' deficit of $171,000.

The Company has recently sustained operating losses and has anaccumulated deficit of $7.47 million at March 29, 2015. Inaddition, the Company has negative working capital of $843,000 atMarch 29, 2015. These factors raise substantial doubt about theability of the Company to continue as a going concern, according tothe regulatory filing.

Giggle N Hugs, Inc., reported a net loss of $2.36 million on $3.34million in revenues for the year ended Dec. 28, 2014, compared to anet loss of $1.56 million on $2.26 million of revenues in the sameperiod in 2013.

De Joya Griffith LLC expressed substantial doubt about theCompany's ability to continue as a going concern, citing theCompany has has incurred losses from operations.

AVP noted that the Plan is not confirmable and the DisclosureStatement is not adequate because the Debtors have not securedsufficient funding for their Plan and cannot demonstrate anylikelihood that sufficient funding will ever be available.

The Plan Debtors claim to have exit funding that will enable themto borrow a maximum of $6.5 million to fund distributions andreserves under the Plan. The Plan Debtors claim that the amount issufficient. While the Plan Debtors claim to have $6.5 million infinancing, they actually need over $8.5 million in financing -- afunding shortfall of over $2 million.

Dismissal/Conversion Motion

As reported in the TCR on Oct 28, 2014, AVP filed a motion seekingan order to convert the cases the Debtors into chapter 7proceedings. Two of the Debtors have finally, after over a year inbankruptcy, filed a purported chapter 11 plan. AVP howevercomplains that the "plan" contains none of the terms most importantto the Debtors' creditors and other stakeholders -- namely, theamount of the Debtors' assets being sold to fund the plan, theamount of money the Debtors will receive for that sale and the timethat the sale will close.

Instead, the "plan" is a nearly-blank form that contains nothingof substance, except perhaps non-consensual third-party releasesfor the benefit of the Debtors' insiders, AVG contends.

Moreover, AVG continues, the "plan" only covers two of theDebtors, GMG III and GMG Companion, and, perhaps most egregiously,the Debtors have failed to file a disclosure statement concerningthe "plan" in violation of Rule 3016(b) of the Federal Rules ofBankruptcy Procedure.

AVP relates that the Debtors' cases have now been pending for overa year and as the monthly operating reports demonstrate, theDebtors are not operating entities -- they have no employees,create no goods, provide no services, make no sales, and collectno revenues; and are not actively investing in any companies orproperties. Instead, they are fully-invested venture capitalvehicles whose sole purpose is to hold certain speculativeinvestments, namely stock in several unproven technologycompanies, AVP notes. The Debtors, AVP relays, have held thesestocks for over ten years at this point.

Now, a year into these bankruptcy cases, the Debtors still appearto be unable to propose a confirmable chapter 11 plan -- leavingtwo of the Debtors to file a bare-bones plan with no detailconcerning how distributions will be funded and the other twoDebtors with zero prospects for exiting bankruptcy, AVP maintains.

"The only sensible path forward," AVP argues, "is for the Debtorsto promptly sell sufficient assets to meet their obligationswithout further delay."

Consequently, because the Debtors' insiders are not acting withcreditors' best interests at heart, it is time for these cases tobe converted to chapter 7 to allow a neutral fiduciary toliquidate the estates' assets or be dismissed to allow creditorsto enforce their state law rights, AVP tells the Court.

The cornerstone of the Plan is the transfer of certain of theDebtors' assets in Lancope pursuant to the asset purchaseagreement to a third party in exchange for the considerationnecessary to fund the plan. As part of that transaction, non-Debtor GMG IIIA, a book entry holder of certain interests inLancope, will also transfer certain of its interests in Lancope tofund the Plan. The Debtors believe such transfer is entirelyconsistent with the expectations of all III Class Partnerships tobe treated equally on a pro rata basis. GMG LLC is in the processof contacting the limited partners of GMG IIIA, stating GMG LLC'sintention for GMG IIIA to follow through with the Sale andotherwise contribute to the Plan expenses and distributions on apro rata basis.

GRASS VALLEY: Amends List of Largest Unsecured Creditors--------------------------------------------------------Grass Valley Holdings, L.P., filed with the U.S. Bankruptcy Courtfor the District of Utah an amended list of creditors holding the20 largest unsecured claims to provide for (1) the addition ofStandard Plumbing in the list; and (2) the exclusion of thesecreditors from the list: (i) Garth O. Green; (ii) GEMSA; (iii)Michal Green; and (iv) Mountain America Credit Union. Thecreditors' list now consists of these creditors:

The Debtor tapped Cozen O'Conner as counsel from the Petition Datethrough Dec. 8, 2013, and Sherman Silverstein from Dec.9, 2013 tothe present. Woodworth & St. John is the Debtor's accountant;Guida Realty is the realtor to assist with the sale of theSeubenville, Ohio property; and Kennen & Kennen, Inc. as realtorfor the sale of the Glen Dale property.

HD SUPPLY: Posts $242 Million Net Income in First Quarter---------------------------------------------------------HD Supply Holdings, Inc. filed with the Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing net incomeof $242 million on $2.2 billion of net sales for the three monthsended May 3, 2015, compared to a net loss of $12 million on $2.1billion of net sales for the three months ended May 4, 2014.

As of May 3, 2015, HD Supply had $6.3 billion in total assets, $6.8billion in total liabilities and a $498 million total stockholders'deficit.

The Company said its sources of funds, primarily from operations,cash on-hand, and, to the extent necessary, from readily availableexternal financing arrangements, are sufficient to meet all currentobligations on a timely basis. The Company believes that thesesources of funds will be sufficient to meet the operating needs ofits business for at least the next twelve months.

During the first quarter of fiscal 2015, the Company's generationof cash was primarily driven by cash receipts from operations, netdebt borrowings, and proceeds from stock option exercises,partially offset by the payment of interest on debt and capitalexpenditures.

As of May 3, 2015, the Company's combined liquidity ofapproximately $1,215 million was comprised of $155 million in cashand cash equivalents and $1,060 million of additional availableborrowings (excluding $41 million of borrowings on available cashbalances) under its Senior ABL Facility, based on qualifyinginventory and receivables.

HD Supply, Inc., headquartered in Atlanta, Georgia, is one of thelargest North American wholesale distributors supportingresidential and non-residential construction and to a lesserextent electrical consumption and repair and remodeling. HDS alsoprovides maintenance, repair and operations services. Itsbusinesses are organized around three segments: Infrastructure andEnergy; Maintenance, Repair & Improvement; and, SpecialtyConstruction. HDS operates through approximately 800 locationsthroughout the U.S. and Canada serving contractors, governmententities, maintenance professionals, home builders andprofessional businesses.

* * *

As reported by the TCR on Jan. 11, 2013, Moody's Investors Serviceupgraded HD Supply's corporate family rating to 'B3' from 'Caa1'."This rating action results from our expectations that HDS willrefinance a significant portion of its senior subordinated notesdue 2015, effectively extending the remainder of its maturities byat least two years to 2017," Moody's said.

The Horned Dorset Primavera Inc. operates the Horned DorsetPrimavera, a small luxury hotel located in northwestern PuertoRico, two miles from the town of Rincon. The hotel --http://www.horneddorset.net/-- is set among rolling hills at the edge of the beautiful Caribbean Sea and is known for reservedEuropean service executed in an atmosphere unique in Puerto Ricoand the award-winning Restaurant Aaron. The hotel is a member ofRelais & Chateaux.

HORNED DORSET: Wilhelm Sack to Serve as Representative------------------------------------------------------The Horned Dorset Primavera Inc. obtained approval from the U.S.Bankruptcy Court for the District of Puerto Rico to allow WilhelmSack to perform all acts to be performed by the Debtor and attendon behalf of the Debtor any examination, meeting or hearing unlessthe Court orders otherwise.

According to the Debtor, Mr. Sack, as General Manager of theDebtor, is knowledgeable of all pertinent financial informationconcerning the Debtor, as well as business operations and itsfuture rehabilitation.

About The Horned Dorset Primavera

The Horned Dorset Primavera Inc. operates the Horned DorsetPrimavera, a small luxury hotel located in northwestern PuertoRico, two miles from the town of Rincon. The hotel --http://www.horneddorset.net/-- is set among rolling hills at the

edge of the beautiful Caribbean Sea and is known for reservedEuropean service executed in an atmosphere unique in Puerto Ricoand the award-winning Restaurant Aaron. The hotel is a member ofRelais & Chateaux.

HOVNANIAN ENTERPRISES: Incurs $19.6 Million Net Loss in Fiscal Q2-----------------------------------------------------------------Hovnanian Enterprises, Inc. filed with the Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $19.6 million on $469 million of total revenues for the threemonths ended April 30, 2015, compared with a net loss of $7.90million on $450 million of total revenues for the same period in2014.

For the six months ended April 30, 2015, the Company reported a netloss of $33.9 million on $915 million of total revenues compared toa net loss of $32.4 million on $814 million of total revenues forthe same period last year.

As of April 30, 2015, the Company had $2.50 billion in totalassets, $2.60 billion in total liabilities and a $146 million totalstockholders' deficit.

"As we discussed on our first quarter conference call, we expectedour second quarter gross margin to be adversely affected byincentives and concessions on started unsold homes. However, theimpact was greater than we anticipated and we are disappointed withour second quarter results," stated Ara K. Hovnanian, Chairman ofthe Board, president and chief executive officer. "Based on thehigher gross margin in our April 30th backlog we are confident thatour gross margin for the third and fourth quarters of fiscal 2015will show sequential increases. While we still feel good about ourability to grow the top line during fiscal 2015 and still expect togenerate a solid profit during the fourth quarter, we do not expectit to be sufficient to offset earlier quarterly losses."

"We control enough land today to further grow our community countand remain focused on improving the operating results of some ofour weaker divisions. As a result, assuming no changes in currentmarket conditions, we expect fiscal 2016 to be a breakout year fordeliveries and revenues, which should lead to a substantialincrease in profitability as compared to recent years," concludedMr. Hovnanian.

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian, is one of the nation's largest homebuilders with operations inArizona, California, Delaware, Florida, Georgia, Illinois,Kentucky, Maryland, Minnesota, New Jersey, New York, NorthCarolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia andWest Virginia. The Company's homes are marketed and sold underthe trade names K. Hovnanian Homes, Matzel & Mumford, BrightonHomes, Parkwood Builders, Town & Country Homes, Oster Homes andCraftBuilt Homes. As the developer of K. Hovnanian's Four Seasonscommunities, the Company is also one of the nation's largestbuilders of active adult homes.

* * *

As reported by the Troubled Company Reporter on April 25, 2013,Standard & Poor's Ratings Services said it raised its corporatecredit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'."The upgrade reflects strengthening operating performancesupported by the broader recovery in the housing market that, webelieve, should support modest profitability in 2013," saidStandard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgradedthe Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'from 'CCC'. The upgrade and the Stable Outlook reflects HOV'soperating performance year-to-date (YTD), adequate liquidityposition, and moderately better prospects for the housing sectorduring the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Serviceraised the Corporate Family Rating of Hovnanian Enterprises, Inc.,to B3 from Caa1. The upgrade of the Corporate Family Rating to B3reflects Hovnanian's improved financial performance includingimprovement in interest coverage to slightly above 1x and finallyturning net income positive for the fiscal year 2013.

IBCS MINING: Cash Collateral Hearing Continued Until July 15------------------------------------------------------------The U.S. Bankruptcy Court for the Western District of Virginia,continued until July 15, 2015, at 10:00 a.m., the hearing to consider approval of IBCS Mining, Inc., et al.'s continued use ofcash collateral.

At the hearing, the Court will also consider the objections filedby creditors Wells Fargo Bank Northwest, N.A., as indenturetrustee, Virginia Electric and Power Company, and Branch Bankingand Trust Company.

The Court has already entered interim orders authorizing IBCSMining to use the cash collateral of Branch Banking and TrustCompany.

IBCS Mining estimated assets and debts of at least $10 million. IBCS Mining Inc. disclosed $6.91 million in assets and $7.28million in liabilities.

Hirschler Fleischer, P.C., serves as the Debtors' counsel. TheU.S. Trustee for Region 4 appointed two creditors to serves in anofficial committee of unsecured creditors.

IBCS MINING: Hearing on Plan Outline Continued Until July 15------------------------------------------------------------The U.S. Bankruptcy Court for the Western District of Virginiacontinued until July 15, 2015, at 10:00 a.m., the hearing to consider approval of the Disclosure Statement explaining IBCSMining, Inc., et al.'s Joint Plan of Reorganization. The hearinghas been continued several times.

As reported in the Troubled Company Reporter on Feb. 2, 2015,the Debtors submitted a Joint Plan and an explanatory DisclosureStatement dated Jan. 23, 2015. According to the DisclosureStatement, the Joint Plan for each Debtor is separately funded. The Plan for IBCS will be funded through distributions from IBCS KYto Holders of Interests in IBCS KY Class 5. The Plan ofReorganization for IBCS KY will be funded by cash proceeds fromongoing operations.

All general working capital requirements of the ReorganizedDebtors on and after the Effective Date will be funded with cashreceipts.

Holder of IBCS Class 4 (Interests) will receive no distributionunder the Plan on account of the interests. On the Effective Date,all Interests in IBCS KY will be cancelled and discharged and willbe of no further force and effect, whether surrendered forcancellation or otherwise.

IBCS Mining estimated assets and debts of at least $10 million. IBCS Mining Inc. disclosed $6.91 million in assets and $7.28million in liabilities.

Hirschler Fleischer, P.C., serves as the Debtors' counsel. TheU.S. Trustee for Region 4 appointed two creditors to serves in anofficial committee of unsecured creditors.

INTERNATIONAL BRIDGE: Can Access Cash Collateral on Interim Basis-----------------------------------------------------------------The Hon. Dale L. Somers of the U.S. Bankruptcy Court for theDistrict of Kansas authorized International Bridge Corporation touse cash collateral on an interim basis.

The interim order indicates that the Debtor will tender a monthlypayment to Internal Revenue Service ("IRS") in the amount of $2,000on or before June 1, 2015, and by the first of each monththereafter, and will grant a continuing and replacement lien inaccounts receivable created post-petition to IRS.

A final hearing is set for June 18, 2015 at 1:30 p.m. in the KansasCity Division of U.S. Bankruptcy Court located at 500 State Avenue,Room 151 in Kansas City, Kansas.

As reported in the Troubled Company Reporter on May 12, 2015, theDebtor intends to use cash collateral for miscellaneous operatingcosts, the payment of income to its employees, payment ofattorney's fees, and for payment of the U.S. Trustee's assessmentsand other expenses in the Ch. 11 proceeding.

If allowed to use the cash collateral for its operating needs, theDebtor should not require any additional postpetition financing,nor should it incur further indebtedness during the pendency of thecase. The cash collateral will be utilized on an interim, butlikely ongoing basis, with extensions to the motion filed every 90days, or other period as the Court.

TOA Corporation ("TOA"), the Government of Guam, the Department ofRevenue and Taxation ("Guam") and IRS may claim an interest in thecash collateral. The Debtor owes TOA in the amount of $7,769,779(of which $629,000 is undisputed, and the remainder is disputed),the IRS the amount of $4,477,161 and Guam in the amount of$4,822,812.

On Aug. 2, 2011, the IRS filed a notice of federal tax lien withthe register of deeds in Shawnee County, Kansas. On March 12,2015, Guam filed a notice of tax lien with the District of Guam.TOA may assert an interest in the cash collateral by virtue of aUCC-1 filled with some branch of the Guam Government but thedescription of the property that TOA claims an interest in does notseem to encompass the cash collateral.

The Debtor seeks permission to use cash collateral, only to extentof the account receivable owed by CaPFA Capital Corp. 2010 for themonth of April and each month thereafter, to continue its businessoperations.

The Debtor will grant a continuing and replacement lien in accountsreceivable created postpetition. However, no further adequateprotection will be provided.

The Debtor contends that IRS and Guam are currently over-securedbased upon the value of its assets and the secured claims as of thePetition Date, and therefore no additional security or value shouldbe required for use of the cash collateral.

About Int'l Bridge Corp.

International Bridge Corporation, a contractor for governmentprojects in the South Pacific and Guam, sought Chapter 11protection (Bankr. D. Kan. Case No. 15-20951) in Kansas City on May7, 2015. Robert Toelkes, the sole shareholder and manager, signedthe petition. The Debtor disclosed total assets of $17.4 millionand total debts of $27.4 million.

The case is assigned to Judge Robert D. Berger. The Debtor tappedStevens & Brand, LLP, as its counsel. Foulston Siefkin, LLP,serves as the Debtor's special litigation counsel. Robert G. Nath,PLLC, represents the Debtor as special tax counsel.

According to the docket, the Debtor's Chapter 11 plan anddisclosure statement are due by Sept. 4, 2015.

LANGUAGE LINE: S&P Raises CCR to 'B', Outlook Stable----------------------------------------------------Standard & Poor's Ratings Services said that it raised its ratings,including its corporate credit rating, on Monterey, Calif.-basedinterpretation service provider Language Line Holdings LLC to 'B'from 'B-'. The outlook is stable.

At the same time, S&P assigned its 'B' issue-level rating, with arecovery rating of '3' to the company's proposed $530 millionsenior secured first-lien credit facility. The '3' recovery ratingindicates S&P's expectation for a meaningful recovery (50%-70%;upper half of the range) of principal in the event of a paymentdefault. The senior secured first-lien credit facility includes a$50 million revolving credit facility and a $480 million seniorsecured first-lien term loan.

S&P also assigned its 'CCC+' issue-level rating, with a recoveryrating of '6' to the company's proposed $160 million senior securedsecond-lien term loan. The '6' recovery rating indicates S&P'sexpectation for negligible recovery (0%-10%) of principal in theevent of a payment default.

S&P will withdraw its ratings on the existing senior securedfirst-lien credit facility and senior secured second-lien termloan, both due 2016, when the debt have been repaid.

"The upgrade is based on Language Line's improved margin ofcompliance (greater than 15%) with financial covenants under theproposed refinancing terms," said Standard & Poor's credit analystHeidi Zhang. The company's EBITDA cushion of compliance was lessthan 5% as of March 31, 2015, and would have been subject to afurther covenant step-down to 4.5x on Sept. 30, 2015. The stableoutlook reflects S&P's expectation that the company will maintain"adequate" liquidity, with at least a 15% EBITDA margin ofcompliance against its financial covenants and that leverage willremain above 5x over the next year.

The stable outlook reflects S&P's expectation that the company willmaintain "adequate" liquidity, with at least a 15% EBITDA margin ofcompliance against its financial covenants, and that leverage willremain above 5x over the next year.

S&P could consider lowering the rating if the company's EBITDAmargin of covenant compliance decreases to less than 15%, whichwould likely result from declines in OPI minutes and pricing orlarge debt-financed acquisitions.

Although unlikely over the next year, S&P could raise the rating ifit is convinced that company can maintain leverage under 5x on asustained basis. This would likely require continued revenue andearnings growth, meaningful debt repayment, and a commitmenttowards a less aggressive financial policy.

LANTHEUS MEDICAL: Proposes $365M Loan Facility with Credit Suisse-----------------------------------------------------------------Lantheus Medical Imaging, Inc., commenced the marketing process fora proposed new senior secured term loan facility in an amount of upto $365 million with Credit Suisse AG, Cayman Islands Branch, asadministrative agent and collateral agent, according to a Form 8-Kreport filed with the Securities and Exchange Commission.

The net proceeds of the new term facility, together with cash onhand and the net proceeds of a proposed initial public offering ofcommon stock of the Company's parent company, would be used toredeem in full the Company's outstanding $400 million aggregateprincipal amount of 9.750% Senior Notes due 2017, to repay amountsoutstanding under its revolving credit facility and to pay relatedpremiums, interest and expenses.

The consummation of the new term loan facility will be conditionedupon the closing of the initial public offering. There can be noassurance that the Company will enter into the new credit facilityor that the initial public offering will occur.

Lantheus Medical reported a net loss of $1.16 million in 2014, anet loss of $61.7 million in 2013 and a net loss of $42 million in2012.

As of March 31, 2015, the Company had $249 million in total assets,$489 million in total liabilities, and a $241 million totalstockholders' deficit.

* * *

As reported by the TCR on July 1, 2014, Moody's Investors Serviceupgraded the ratings of Lantheus including the Corporate FamilyRating to 'Caa1' from 'Caa2', the Probability of Default Rating toCaa1-PD from Caa2-PD and the senior unsecured rating to 'Caa1(LGD4)' from 'Caa2 (LGD4)'.

In the Nov. 6, 2013, edition of the TCR, Standard & Poor's RatingsServices said it lowered its corporate credit rating on LantheusMedical Imaging Inc. to 'B-' from 'B'. The outlook is negative.

LERIN HILLS: Proposes DIP Financing From Putnam-----------------------------------------------MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills UtilityInc., which are being managed by a receiver, are asking the U.S.Bankruptcy Court for the Western District of Texas to enter interimand final orders authorizing them to obtain senior securedsuperpriority term loans from existing lender Putnam Bridge FundingIII, LLC.

Deborah D. Williamson, Esq., at Dykema Cox Smith, relates that theDebtors' property -- which produces no cash flow -- has run out ofcash and remains materially unfinished. The property has no accessto water, and home builders have refused to close building lotpurchases, thus denying access to the Debtors' sole source ofrevenue for the property. The Debtors believe the interests oftheir creditors can best be achieved through a sale of theproperty.

The Debtors require DIP financing from Putnam to provide them withthe liquidity to maintain their operations throughout thebankruptcy case sand to fund certain amounts necessary to proposeand consummate a confirmable plan.

-- Sec. 506(c) Waiver: The Debtors will waive any and allrights to surcharge the collateral.

-- Carve-Out: The liens and superpriority claims granted to theDIP Lender will be subject to a carve-out of the allowed fees andexpenses of professionals, provided that allowed administrativeexpenses will not exceed $1 million.

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills UtilityInc., own 867 acres of real property known as the Lerin Hillsresidential real estate development located in Boerne, Texas.

The Lerin Hills project currently produces no cash flow, has runout of cash and remains materially unfinished.

In December 2014, the companies defaulted on debt to Putnam FundingIII, LLC, which claims to be owed not less than $41.3 million as ofthe Petition Date. On April 7, 2015, at the behest of Putnam, the216th Judicial District Court in Kendall County, Texas, appointedAndrew S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitionsfor MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. CaseNos. 15-51424 to 15-51426) in San Antonio, Texas.

The Receiver immediately filed a Joint Chapter 11 Plan ofLiquidating Plan for the Debtors. The Plan is being sponsored byPutnam.

LERIN HILLS: Seeks to Reject Several Contracts----------------------------------------------MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills UtilityInc., which are being managed by a receiver, are parties tocontracts that no longer provide any benefits of the Debtors. Accordingly, the Debtors ask the U.S. Bankruptcy Court for theWestern District of Texas for approval to reject certain contracts. A list of the rejected contracts is available for free athttp://bankrupt.com/misc/Lerin_H_M_Financing.pdf

About Lerin Hills

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills UtilityInc., own 867 acres of real property known as the Lerin Hillsresidential real estate development located in Boerne, Texas. TheLerin Hills project currently produces no cash flow, has run out ofcash and remains materially unfinished.

In December 2014, the companies defaulted on debt to Putnam FundingIII, LLC, which claims to be owed not less than $41.3 million as ofthe Petition Date. On April 7, 2015, at the behest of Putnam, the216th Judicial District Court in Kendall County, Texas, appointedAndrew S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitionsfor MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. CaseNos. 15-51424 to 15-51426) in San Antonio, Texas.

The Receiver immediately filed a Joint Chapter 11 Plan ofLiquidating Plan for the Debtors. The Plan is being sponsored byPutnam.

LERIN HILLS: Wants Notice of MUD Actions----------------------------------------MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills UtilityInc., which are being managed by a receiver, are asking the U.S.Bankruptcy Court for the Western District of Texas to enter anorder requiring that the Lerin Hills Municipal Utility District("MUD") or its directors, as applicable, give the Debtors advancednotice of any proposed action to be taken by the MUD, or by any ofits directors related to or affecting the operation, development orvalue of the Debtors' property or other governance of the MUD.

Deborah D. Williamson, Esq., at Dykema Cox Smith, relates that afundamental aspect of the development of the Debtors' primary assetand fundamental purpose for exiting -- the Lerin Hills residentialdevelopment -- is the need to bring full water and wastewaterservices to the Debtor's property. Without these basic utilities,the property simply cannot be developed: lots cannot be sold, homescannot be built, revenue cannot be generated, and the Debtorscannot repay their prepetition secured lender, Putnam BridgeFunding III, LLC, or their other creditors. The procurement ofwater and sewer facilities, then, is a vital milestone that must bemet as soon as possible. In accordance with Texas law, the MUD wasformed to ensure that any such water and sewer facilities areprocured and to facilitate a means by which the Debtors ultimatelycan be reimbursed for the significant costs necessary to establishsuch systems.

Ms. Williamson avers that the interests of the MUD and the Debtorstherefore are closely aligned, and the operation of the MUD is akey component to the successful restructuring of the Debtors'balance sheet development of the property. Because the success ofthe Debtors' efforts are so closely intertwined with the MUD, it isvital for the Debtors to be aware of any proposed action to betaken by the MUD, or by any of the MUD directors, which directly orindirectly could impact the property, Ms. Williamson tells theCourt.

About Lerin Hills

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills UtilityInc., own 867 acres of real property known as the Lerin Hillsresidential real estate development located in Boerne, Texas. TheLerin Hills project currently produces no cash flow, has run out ofcash and remains materially unfinished.

In December 2014, the companies defaulted on debt to Putnam FundingIII, LLC, which claims to be owed not less than $41.3 million as ofthe Petition Date. On April 7, 2015, at the behest of Putnam, the216th Judicial District Court in Kendall County, Texas, appointedAndrew S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitionsfor MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. CaseNos. 15-51424 to 15-51426) in San Antonio, Texas. The Receiverimmediately filed a Joint Chapter 11 Plan of Liquidating Plan forthe Debtors. The Plan is being sponsored by Putnam.

LONESTAR GEOPHYSICAL: Amends Application to Hire McAfee & Taft--------------------------------------------------------------Gerod Black, chief financial officer for Lonestar GeophysicalSurveys, LLC, asks, in an amended application, the U.S. BankruptcyCourt for the Western District of Oklahoma for permission to employMcAfee & Taft A Professional Corporation, as counsel.

Mr. Black disclosed that McAfee & Taft has in the past representedFrontier State Bank, the primary secured creditor of LSGS. McAfee& Taft provided advice regarding Frontier State Bank's mortgageproducts during 2010 and 2011. The attorney who provided theadvice is no longer employed by McAfee & Taft.

The principal attorneys expected to represent LSGS in the matterand their current hourly rates are:

Ross A. Plourde $325 Steven W. Bugg $310

In addition, other attorneys and paraprofessionals may from time totime provide services to LSGS in connection with the bankruptcyproceedings. The range of hourly rates for McAfee & Taft'sattorneys and legal assistants are:

As reported in the Troubled Company Reporter on May 29, 2015,McAfee & Taft may also seek reimbursement or payment of charges forservices and expenses customarily invoiced by law firms in additionto fees for legal services performed in connection with itsengagement.

Ross A. Plourde, Esq., a member of the law firm McAfee & Taft, AProfessional Corporation, in Oklahoma City, Oklahoma, assures theCourt that his firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.

Additionally, from time to time beginning in 1991 McAfee & Taftprovided bank regulatory advice to Frontier State Bank, Mr. Plourdefurther discloses. Any such services terminated prior to 2006, hesays.

Lastly, McAfee & Taft currently represents another bank (which isnot a creditor of the Debtor and has no relationship with theDebtor), one of the shareholders of which is the shareholder ofFrontier State Bank, with respect to the sale of that bank, Mr.Plourde further discloses.

According to the docket, the Debtor's Chapter 11 plan anddisclosure statement are due Sept. 15, 2015. Governmental proofsof claim are due Nov. 16, 2015.

LUMBERMENS UNDERWRITING: Put Into Rehabilitation------------------------------------------------A judge has placed Lumbermen's Underwriting Alliance intorehabilitation and turned it over to regulators at the MissouriDepartment of Insurance. Department Director John M. Huff has beennamed receiver of the LUA, which allows the Director, as receiver,to take over operations of the company.

LUA faced financial difficulty when one of its largest professionalemployer organization insureds, TS Employment, failed to fully fundcollateral obligations and filed Chapter 11 bankruptcy. LUA,through its attorney-in-fact, U.S. Epperson, consented to therehabilitation judgment.

Rehabilitation is a legal step taken by the Court to protectpolicyholders by preserving the company's assets. The Director asthe rehabilitator assumes management of the company, attempts tocorrect existing problems, continues operations, maintainspolicyholder accounting and develops a plan of rehabilitation orpetitions the Court for liquidation.

With a rehabilitation, the Director's priority will be to processexisting claims. Policies will continue pursuant to their termsand conditions. Policyholders must continue making their premiumpayments to keep their insurance coverage intact. Payments shouldcontinue to be sent to LUA.

"Putting Lumbermen's into rehabilitation allows us to ensure thecompany's assets are handled properly, so that claims are paid asfully as possible," said Mr. Huff.

About the Missouri Department of Insurance, Financial Institutions& Professional Registration

The Missouri Department of Insurance, Financial Institutions andProfessional Registration is responsible for consumer protectionthrough the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulationsboth efficiently and effectively while encouraging a competitiveenvironment for industries and professions to ensure consumers haveaccess to quality products.

About Lumbermen's Underwriting

Lumbermen's Underwriting Alliance --www.lumbermensunderwriting.com/ -- a Florida-based insurancecompany. It specializes in providing property and casualtyinsurance to the forest products industry, generally consisting oflumber and sawmill operations. Over time, LUA expanded itsofferings, and therefore its membership, to a broader range ofindustries and insurance coverages. By 2014, LUA was providingproperty allied lines, inland marine, earthquake, and workers'compensation coverage to assisted living facilities and the foodprocessing industry, as well as the forest products industry. LUAalso issued large deductible workers' compensation plans forprofessional employer organizations.

LUA had approximately 3,000 policyholders and 6,080 open workerscompensation claims with the largest number of claims being in theState of California.

At the same time, S&P raised its issue-level rating on thecompany's senior unsecured debt to 'B' from 'B-' and revised therecovery rating to '4' from '5'. The '4' recovery ratingsindicates S&P's expectations for average recovery (30%-50%; upperhalf of the range) of principal in the event of a payment default.

The revised business risk profile assessment reflects the company'shealthy business prospects, greater scale, and improved margins, inS&P's view, which are on par with those of its much larger adagency peers.

The company has consistently reported organic revenue growth ratesabove those of its ad agency peers since 2008, and S&P expects thistrend to continue. As a result, S&P revised its business riskprofile to "fair" from "weak," according to its criteria.

MDC is a provider of marketing services primarily in the U.S.(which represented 81% of revenue in 2014), with a presence inCanada (12%), and other countries (7%). The company's subsidiariesprovide a comprehensive range of marketing communications andconsulting services.

Although MDC is much smaller than its global ad agency peers, thecompany has a well-positioned, defensible position within theadvertising industry. A number of MDC's key operatingsubsidiaries, such as Crispin Porter + Bogusky, 72andSunny, andAnomaly, have strong creative reputations that differentiate thecompany from its larger peers. In addition, the company has grownorganically and through acquisitions, and its strong digitalcapabilities positions it well to meet the growing demand fornontraditional advertising. These strengths are offset by thecompany's relatively small agency network compared to that of thelarger global ad agencies, its limited global presence, and itssmaller exposure to higher-margin media buying business.

"The stable outlook is based on our expectation that MDC willmaintain adjusted leverage in the 5x area over the next year," saidStandard & Poor's credit analyst Naveen Sarma. "We view an upgradeas more likely than a downgrade during that time."

S&P could lower the rating on MDC if the SEC issues result in aloss of clients, management changes, or material financial changesthat hurt the company's credit measures or operating performance.S&P would then revise its business risk assessment to "weak" from"fair."

S&P could raise the rating if the SEC issues clear with no materialimpact on the company or its credit quality (in which case S&Pcould revise the management and governance assessment to "fair"from "weak"), or if the company lowers and commits to maintainingadjusted leverage below 5x.

MINT RESTAURANT: Remains Open; IRS Is Among Largest Creditors-------------------------------------------------------------Michael Simmons at Madison County Journal reports that Mint theRestaurant remains open despite filing for Chapter 11 bankruptcyprotection.

County Journal relates that the Restaurant's yearly income wentfrom $1.8 million in 2013 to $1.4 million in 2014, and to $345,000as of the Petition Date.

Court documents show that the Restaurant has up to 49 creditors,and that it listed $618,400 in total liabilities, with half of thatas unsecured non-priority claims. County Journal adds that theRestaurant listed $59,000 in total assets. The report states thatthe largest creditors include the IRS, with debts reported of$185,000, and the Mississippi Department of Revenue, with debtsreported at $125,000.

Mint Restaurant, LLC, located at the Renaissance in Ridgeland,Mississippi, is owned by Patrick Kelly. It was formed in 2007.

MUSCLEPHARM CORPORATION: Shareholders Raise Liquidity Concerns--------------------------------------------------------------Wynnefield Capital Management, LLC and its affiliates, significantshareholders in MusclePharm Corporation, sent a letter to theCompany's Board of Directors requesting that the Board takeimmediate action to address their serious concerns with theCompany's deficiencies in the areas of liquidity, corporategovernance, and transparency.

Despite the Company's positive statements regarding its cashposition and liquidity, the Wynnefield Reporting Persons believe that indicators strongly suggest that the true pictureregarding liquidity may be very different. They add that theCompany could be out of compliance with certain financial covenantsunder its credit facility.

The Wynnefield Reporting Persons are also troubled by the Company'sMay 8, 2015, amendments to its By-laws, because of both the newhurdles and burdens they place on shareholder suffrage; especiallywhen considered in light of the Company's recent erratic corporategovernance events. The By-laws were amended:

i) to require that shareholders of the Company requesting a special meeting provide, in their request to the Company, certain specified information and set forth other requirements regarding delivery of that request;

ii) to require that shareholders intending to act by written consent request a record date from the Company for that action, which request must include certain specified information and set forth other requirements regarding the delivery of written consents;

v) to provide that directors may be removed by a two-thirds (as opposed to majority) vote of the shareholders, as contemplated by NRS 78.335; and

vi) to provide that that any person acquiring equity in the Company will be deemed to have notice of and consented to Article VII, Section 5 of the By-laws, relating to choice of

forum where to bring disputes.

"We believe these provisions, which are viewed with disfavor byISS, are nothing more than a thinly veiled attempt to entrenchmanagement and diminish their accountability to the shareholders ofthe Company," they said.

The Wynnefield Reporting Persons believe the fiduciary duties ofthe Company's directors require the Board to take immediate actionto address these issues and call upon the Board to take thefollowing action:

2) Announce the opening of a window for shareholder submission of nominees for election to the Company's Board, including nominees to fill the newly created seventh board seat, in accordance with Nevada corporate law.

3) Provide a full explanation surrounding the mass resignation and replacement of the three independent directors of the Company.

4) Engage a qualified investment bank to assist management and the Board to fully explore all strategic opportunities to increase shareholder value, including auction of the Company.

About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation(OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life- style company that develops and manufactures a full line ofNational Science Foundation approved nutritional supplements thatare 100 percent free of banned substances. MusclePharm is sold inover 120 countries and available in over 5,000 U.S. retailoutlets, including GNC and Vitamin Shoppe. MusclePharm productsare also sold in over 100 online stores, includingbodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm Corporation reported a net loss of $13.8 million in2014, a net loss of $17.7 million in 2013 and a net loss of $19million in 2012.

As of March 31, 2015, the Company had $67.9 million in totalassets, $46.9 million in total liabilities, and $20.96 million intotal stockholders' equity.

Headquartered in Chatsworth, Calif., Natrol, Inc., sold herbs andbotanicals, multivitamins, specialty and sports nutritionsupplements made to support health and wellness throughout all agesand stages of life. Natrol, Inc., was a wholly owned subsidiary ofPlethico Pharmaceuticals Limited (BSE: 532739. BO: PLETHICO).

The Official Committee Of Unsecured Creditors tapped OtterbourgP.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; andCMAG as financial advisors.

On Nov. 10, 2014, the Debtors held an auction for the sale of theassets, and Aurobindo Pharma USA Inc. emerged as the successfulbidder. The Court approved the sale and the sale closed on Dec. 4, 2014. The Debtors changed their names to Leaf123, Inc.,following the sale.

* * *

The Troubled Company Reporter, on Feb. 23, 2015, reported thatLeaf123, Inc., fka Natrol Inc., and its debtor affiliates filed aChapter 11 plan of liquidation, pursuant to which tax refunds andcredits, all shares of capital stock or other Equity Interests inNatrol UK, all Avoidance Actions not otherwise purchased by theBuyer under the Purchase Agreement, the proceeds from prepetitionlitigation, the proceeds from the Sale Transaction, and certainother assets are being pooled and distributed to persons orentities holding allowed claims in accordance with the prioritiesof the Bankruptcy Code.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for theDistrict of Delaware on April 2, 2015, approved the disclosurestatement explaining the First Amended Joint Liquidating Plan ofLeaf123, Inc., fka Natrol, Inc., and its debtor affiliates.

NATROL INC: Kochhar Okayed as Indian Counsel Effective April 21---------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware entered arevised order authorizing Leaf123, Inc., formerly known as Natrol,Inc., et al., to employ Kochhar & Co., as Indian counsel, nunc protunc to April 21, 2015.

The Court previously authorized the retention of Kochhar & Co. Butsubsequent to the entry of the order, the Debtors realized that theapplication inadvertently failed to request that the retention beapproved nunc pro tunc to April 21, 2015.

In light of this, the Debtors submitted a revised proposed orderproviding that the retention is effective as of April 21, 2015.

The Debtors reached out to the U.S. Trustee, explained the issue,and provided the U.S. Trustee with a copy of the revised order wellas the black-line. The U.S. Trustee has informed the Debtors thatit has no objection to entry of the revised order without furthernotice or hearing.

To the best of the Debtor's knowledge Kochhar does not hold norrepresent an interest adverse to the Debtors' estate or of anyclass of creditors.

About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc., sold herbs andbotanicals, multivitamins, specialty and sports nutritionsupplements made to support health and wellness throughout allages and stages of life. Natrol, Inc., was a wholly ownedsubsidiary of Plethico Pharmaceuticals Limited (BSE: 532739. BO:PLETHICO).

The Official Committee Of Unsecured Creditors tapped OtterbourgP.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; andCMAG as financial advisors.

* * *

Aurobindo Pharma USA Inc., completed in December 2014 the purchaseof the assets for $132 million cash plus assumption of specifieddebt. Under a settlement between Natrol and the creditors'committee, secured lender Cerberus Business Finance LLC was paidinfull from the proceeds of the sale. The Debtors changed theirnames to Leaf123, Inc., et al., following the sale.

Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filedaliquidating Chapter 11 plan designed to pay general unsecuredcreditors in full, with interest.

NEONODE INC: Stockholders Reelect 2 Directors---------------------------------------------Neonode, Inc., held its annual meeting of stockholders on June 8,2015, at which the stockholders:

1. reelected Per Bystedt to the Board of Directors for a three year term;

2. reelected Thomas Eriksson to the Board of Directors for a three year term;

3. approved, on an advisory basis, the compensation of executive officers;

4. approved the 2015 Stock Incentive Plan; and

5. ratified the appointment of KMJ Corbin & Company LLC to serve as the Company's independent auditors for the year ended Dec. 31, 2015.

Neonode reported a net loss of $14.2 million in 2014, a net loss of$13.08 million in 2013 and a net loss of $9.28 million in 2012.

NET ELEMENT: Registers 53.6 Million Shares for Resale-----------------------------------------------------Net Element, Inc. filed with the Securities and Exchange Commissiona Form S-3 registration statement relating to the resale, from timeto time, in one or more offerings, by Candlewood Special SituationsMaster Fund, Ltd., CWD OC 522 Master Fund, Ltd., Flagler MasterFund SPC Ltd. - Class A Portfolio and Tenor Special Situations FundLP of up to 53,600,000 shares of Common Stock of the Company.

The Company's Common Stock is listed on The NASDAQ Capital Marketunder the symbol "NETE." On June 8, 2015, the last reported priceof a share of the Company's Common Stock on The NASDAQ CapitalMarket was $0.63.

Net Element reported a net loss of $10.18 million on $21.2million of net revenues for the 12 months ended Dec. 31, 2014,compared to a net loss of $48.3 million on $18.7 million of netrevenues for the 12 months ended Dec. 31, 2013.

As of March 31, 2015, the Company had $14.02 million in totalassets, $10.3 million in total liabilities and $3.73 million intotal stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"qualification in its report on the consolidated financialstatements for the year ended Dec. 31, 2014. The accounting firmsaid that the Company has suffered recurring losses fromoperations and has used substantial amounts of cash to fund itsoperating activities that raise substantial doubt about its abilityto continue as a going concern.

NORTHWEST BANCORP: Oct. 26 Set as Bar Date for Governmental Units-----------------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Illinois hasestablished Oct. 26, 2015, as the deadline for governmental unitsto file prepetition claims against Northwest Bancorporation ofIllinois, Inc. The Court also set May 29, 2015, as the generaldeadline for all claimants, other than governmental units, to fileprepetition claims.

About Northwest Bancorporation

Northwest Bancorporation of Illinois, Inc., formerly known asHershenhorn Bancorporation, Inc., is a bank holding company thatowns 100 percent of the outstanding shares of First Bank and TrustCompany of Illinois, a single-branch bank in Palatine, Illinois. Approximately 90 percent of Northwest Bancorporation's equity isowned by Robert Hershenhorn and his family.

The Debtor tapped Kirkland & Ellis LLP as counsel, and River BranchCapital LLC as financial advisor.

The Debtor disclosed $20.3 million in assets and $51.3 million inliabilities as of the Chapter 11 filing.

Northwest Bancorporation won approval from the U.S. BankruptcyCourt of its Prepackaged Chapter 11 Plan of Reorganization. JudgeCarol A. Doyle on May 21, 2015, entered an order confirming thePrepackaged Plan.

Tracy Hope Davis, the United States Trustee for Region 17,appointed seven creditors to serve on the Official Committee ofUnsecured Creditors. The Committee is represented by Ori Katz,Esq., and Michael M. Lauter, Esq., at Sheppard, Mullin, Richter &Hampton LLP.

The Debtors in July 2014 won court approval to sell theirfourth-generation family-owned steel foundry for $11.3 million cashplus assumption of specified liabilities to Speyside Fund LLC.

Bankruptcy Judge Roger L. Efremsky authorized the Debtors to revisecase caption to reflect the name change after the sale of assets. The case caption now reflects: Second Street Properties, andBerkeley Properties, LLC. The Debtors stated that the assets soldincluded the trade name "Pacific Steel Casting Company" and thecommonly used abbreviation and trademark "PSC". The Debtorsagreed with the buyer that the Debtors would stop using that nameimmediately after the closing.

PHILLIPS INVESTMENTS: Plan Filing Date Extended to July 31----------------------------------------------------------Judge Mary Grace Diehl of the U.S. Bankruptcy Court for theNorthern District of Georgia, Atlanta Division, extended the periodby which Phillips Investments, LLC, has exclusive right to file aChapter 11 plan through and including July 31, 2015, and the periodby which the Debtor has exclusive right to solicit acceptances ofthe plan through and including Sept. 29, 2015.

In support of its extension request, the Debtor explained that itis attempting to negotiate either a sale of its remaining realestate or a refinancing of its indebtedness to its securedcreditor. The Debtor said it believes it is close to achieving atleast one of these two goals, subject to the approval of the Court. The secured creditor agreed that the Debtor extend the use of cashcollateral through July 31, 2015. If the exclusivity period wereto terminate before that date, the termination would constitute adefault under the provisions of the cash collateral order, theDebtor told the Court.

Phillips Investments owns several parcels of improved commercialreal estate from which it operates two retail shopping centers.The Debtor disclosed $29,558,424 in assets and $28,667,234 inliabilities as of the Chapter 11 filing. Scroggins & Williamson,P.C., serves as the Debtor's counsel. Judge Mary Grace Diehlpresides over the case.

QUICKSILVER RESOURCES: Incurs $116-Mil. Net Loss for Q1-------------------------------------------------------Quicksilver Resources Inc. filed with the U.S. Securities andExchange Commission its quarterly report on Form 10-Q, disclosing anet loss of $116 million on $105 million of total revenue for thethree months ended March 31, 2015, compared with a net loss of$58.8 million on $91.8 million of total revenue for the same periodin 2014.

The Company's balance sheet at March 31, 2015, showed $1.08 billion in total assets, $2.35 billion in total liabilities,and a stockholders' deficit of $1.26 billion.

As a result of sustained losses and the Company's Chapter 11proceedings, the realization of assets and satisfaction ofliabilities, without substantial adjustments and/or changes inownership, are subject to uncertainty. Given the uncertaintysurrounding its Chapter 11 proceedings, there is substantial doubtabout the Company's ability to continue as a going concern.

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration andproduction company engaged in the development and production oflong-lived natural gas and oil properties onshore North America.Based in Fort Worth, Texas, the company claims to be a leader inthe development and production from unconventional reservoirsincluding shale gas, and coal bed methane. Following more than 30years of operating as a private company, Quicksilver became publicin 1999.

The company has U.S. offices in Fort Worth, Texas; Glen Rose,Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,Montana. The Company's Canadian subsidiary, Quicksilver ResourcesCanada Inc., is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and certain of itsaffiliates filed voluntary petitions for relief under Chapter 11oftitle 11 of the United States Code in Delaware. The Debtors areseeking joint administration under the main case, In reQuicksilver Resources Inc. Case No. 15-10585. Quicksilver'sCanadian subsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & FeldLLP in the U.S. and Bennett Jones in Canada. Richards Layton &Finger, P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey Capital, Inc. is serving as financial advisor. Garden City Group Inc. is the claims and noticing agent.

The U.S. Trustee for Region 3 appointed five creditors ofQuicksilver Resources Inc. to serve on the official committee ofunsecured creditors.

* * *

The Company reported a net loss of $103.1 million on $569 millionof total revenue for the year ended Dec. 31, 2014, compared withnet income of $162 million on $562 million of total revenue in2013.

R & S ST. ROSE: Hearing on Plan Continued to July 1---------------------------------------------------The U.S. Bankruptcy Court continued the June 10 hearing on R & S StRose Lenders, LLC's Amended Chapter 11 Plan until July 1, 2015, at9:30 a.m. The hearing has been continued several times.

According to the Fourth Amended Disclosure Statement explainingDebtor's Plan of Liquidation, the General Unsecured Claims will bepaid on the Effective Date, or as otherwise provided in theConfirmation Order, in the following manner: $520,000 will be paidto the General Unsecured Claims Pro Rata. Thus, each claimant willreceive payment equal to approximately 43.3% of their claim.

The proposed payments to Holders of Class 1 Lender Claims and Class2 General Unsecured Claims total $12,197,000. The Debtor possessesfunds sufficient to make these payments. The funds derive from thesale proceeds distributed to Debtor from the sale of real propertyin satisfaction of the Promissory Note. After deducting theestimated amount necessary to pay Administrative Expenses, andreserving funds sufficient to pay the ongoing legal expensesassociated with two appeals that Debtor is presently a party to,the Debtor will have the requisite $12,197,000 to pay the AllowedClass 1 and Class 2 claims as anticipated under the Plan.

A Liquidation Trust will be established with the primary purpose ofproviding legal representation and defense of the Debtor in any andall litigation appeals in which Debtor is named.

REED AND BARTON: Gets Final Approval to Access $2.3-Mil. DIP Loan-----------------------------------------------------------------The U.S. Bankruptcy Court for the District of Massachusettsauthorized Reed and Barton Corporation to obtain $2,371,810 indebtor-in-possession postpetition financing from Rockland TrustCompany, which loan will be used to fund the Debtor's day-to-dayoperations and working capital needs.

Furthermore, the Court authorized the Debtor to use cash collateralfrom the DIP lender. The Debtor granted the DIP lender certainadequate protection including, among other things, adequateprotection replacement liens and adequate protection superpriorityclaims.

According to the Debtor, an immediate need exist for it to obtainfunds from the DIP facility in order to continue operations andadminister and preserve the value of its estate. The ability ofthe Debtor to finance its operations, to preserve and maintain thevalue of the Debtor's assets, and to maximize a return for allcreditors requires the availability of working capital from the DIPfacility, the absence of which would immediately and irreparablyharm the Debtor, its estate, creditors, equity holders, and thepossibility for a successful reorganization or sale of the Debtor'sassets.

The Debtor granted the DIP lender first priority priming, valid,perfected, and enforceable lien, subject only to the professionalexpense carve out, and the permitted prior liens, uponsubstantially all of the Debtor's real and personal property asprovided in and as contemplated by the final order and DIPfinancing agreements. In addition, the Debtor granted the DIPlender a superpriority administrative claims in respect of allobligations under the DIP agreements.

About Reed and Barton

Founded in 1824, Reed and Barton Corporation is a designer anddistributor of high quality silverware and tableware, along withflatware, crystal drinkware, picture frames, ornaments, and babygiftware. Reed and Barton, which sells products with the Reed &Barton, Lunt, R&B EveryDay, and Williamsburg brands, is based inTaunton, Massachusetts. The privately held company's stock isowned by 28 record shareholders who either are descendants of HenryReed or trusts for their benefit. Aside from selling its productsin department stores and TV shopping networks, the company has anon-site factory store in Taunton and a showroom in Atlanta,Georgia.

The Debtor disclosed $18.3 million in assets and $25.7 million inliabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 1 appointed three creditors to serve onthe official committee of unsecured creditors.

ROOMLINX INC: KMJ Corbin Expresses Going Concern Doubt------------------------------------------------------Roomlinx, Inc., reported a net loss of $2.67 million on $7.37million of total revenues in 2014, compared with a net loss of$4.15 million on $9.45 million of total revenues in 2013.

KMJ Corbin & Company LLP expressed substantial doubt about theCompany's ability to continue as a going concern, citing that theCompany has incurred significant losses, has had negative cashflows from operations, and at Dec. 31, 2014, has an accumulateddeficit of $44.4 million.

The Company's balance sheet at Dec. 31, 2014, showed $3.87 millionin total assets, $10.2 million in total liabilities, and a totaldeficit of $6.29 million.

A copy of the Form 10-K filed with the U.S. Securities and ExchangeCommission is available at http://is.gd/C4fax7

RYNARD PROPERTIES: Seeks Authority to Amend Cash Collateral Budget-------------------------------------------------------------------Rynard Properties Ridgecrest, LP, seeks authority from the U.S.Bankruptcy Court for the Western District of Tennessee, WesternDivision, to amend the budget governing the use of its cashcollateral to include the administrative costs of its accountant.

The Debtor tells the Court that it sought to employ The MarstonGroup, PLC, as its accountants to complete and correct all of themonthly operating report and file corrected reports and ongoingmonthly operating reports. Marston Group sought a retainer andestimated work at approximately $1,000 per month, saying its workis necessary and the fees sought are reasonable under thecircumstances. In that regard, the Debtor says it needs to amendthe Budget under the cash collateral order to include theadministrative costs of the retainer and the monthly budget for thefees and expenses from the application of Marston.

The Debtor is indebted to Fannie Mae in the approximate amount of$6,000,000 and Tennessee Housing Development Agency holds secondmortgage behind Fannie Mae in the approximate amount of $2,500,000. Fannie Mae holds a security interest in all the Debtor's accounts,accounts receivable, rents and real property. The Debtor's cash,accounts receivable and rents constitute cash collateral. FannieMae is the Debtor's primary lender.

The Court sets the motion for hearing on June 17, 2015, at 10:00a.m., and deadline to file objections on June 16.

Rynard Properties Ridgecrest LP is a Tennessee limitedpartnership. Its principal place of business is 2881 RangelineRoad, Memphis, TN 38127, and the Debtor operates a 256 unitmultifamily apartment complex of Section 8 housing namedRidgecrest Apartments and currently has TESCO operating thecomplex as leasing agent.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D.Tenn. Case No. 14-22674) on March 13, 2014. John Bartle signedthe petition as secretary/treasurer of Ridgecrest LLC, generalpartner of the Debtor. In its schedules, the Debtor disclosed$16.2 million in total assets and $8.73 million in totalliabilities. Toni Campbell Parker serves as the Debtor's counsel.Judge Jennie D. Latta oversees the case.

The U.S. Trustee for Region 8 has notified the Bankruptcy Courtthat it was unable to appoint an official committee of unsecuredcreditors.

SEARS HOLDINGS: Announces Commencement of Seritage Rights Offering------------------------------------------------------------------Sears Holdings Corporation announced that Seritage GrowthProperties has commenced a rights offering for at least 53,298,899Class A common shares of Seritage pursuant to a RegistrationStatement on Form S-11 filed with the Securities and ExchangeCommission. The SEC declared the Registration Statement effectiveon June 9, 2015.

Under the terms of the rights offering, Sears Holdings isdistributing to its stockholders, at no charge, one transferablesubscription right for every share of Sears Holdings common stockheld of record as of 5:00 p.m., New York City time, on June 11,2015, the previously announced record date. Each subscriptionright entitles the holder thereof to purchase one half of onecommon share of Seritage for each share of Sears Holdings commonstock owned as of the record date at a purchase price of $29.58 perwhole share. In addition to being able to purchase their pro rataportion of the shares offered based on their ownership as of therecord date for the rights offering, Sears Holdings stockholdersmay oversubscribe for additional Seritage common shares asdescribed in the Registration Statement.

The proceeds from the rights offering will be used to fund aportion of the purchase price for the acquisition from SearsHoldings of 235 Sears- and Kmart-branded stores and Sears Holdings'50% interests in joint ventures with each of Simon Property Group,Inc., General Growth Properties, Inc. and The Macerich Company,which joint ventures collectively hold an additional 31properties.

Seritage intends to lease the substantial majority of the acquiredproperties, including those owned by the joint ventures, back toSears Holdings, with the remaining stores being leased to thirdparties. Under the terms of the master leases with Sears Holdingsand the joint ventures, Seritage has the right to recapture spacefrom Sears Holdings, allowing Seritage to reconfigure and rent therecaptured space to third-party tenants over time.

The subscription rights are listed on the New York Stock Exchangeunder the symbol "SRGRT." Unless the rights offering is extended,trading of the subscription rights on the NYSE will cease at theclose of business on June 26, 2015.

As soon as practicable after June 11, 2015, the record date for therights offering, Sears Holdings will distribute subscription rightscertificates to individuals who owned Sears Holdings common stockat 5:00 p.m., New York City time, on June 11, 2015. The rightsoffering will expire at 5:00 p.m., New York City time, on July 2,2015, unless extended.

The rights offering will be made only by means of a prospectusfiled with the SEC. The prospectus, including any supplements oramendments thereto, contains important information about the rightsoffering and Seritage, and holders of subscription rights are urgedto read the prospectus carefully. Questions about the rightsoffering or requests for additional copies of the rights offeringdocuments may be directed to Georgeson Inc., Sears Holdings'information agent for the rights offering, by calling (866)257-5415 (toll-free) or emailing SearsSeritageOffer@georgeson.com.

About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --http://www.searsholdings.com/-- is an integrated retailer focused on seamlessly connecting the digital and physical shoppingexperiences to serve members. Sears Holdings is home to Shop YourWaytm, a social shopping platform offering members rewards forshopping at Sears and Kmart as well as with other retail partnersacross categories important to them.

The Company operates through its subsidiaries, including Sears,Roebuck and Co. and Kmart Corporation, with more than 2,000 full-line and specialty retail stores in the United States and Canada.

For the year ended Jan. 31, 2015, the Company reported a net lossattributable to Holdings' shareholders of $1.68 billion comparedto a net loss attributable to Holdings' shareholders of $1.36billion for the year ended Feb. 1, 2014. As of Jan. 31, 2015, theCompany had $13.20 billion in total assets, $14.15 billion in totalliabilities and a $945 million total deficit.

* * *

Moody's Investors Service in January 2014 downgraded SearsHoldings Corporate Family Rating to 'Caa1' from 'B3'. The ratingoutlook is stable.

The downgrade reflects the accelerating negative performance ofSears' domestic business with comparable sales falling 7.4% forthe quarter to date ending January 6th, 2014 compared to the prioryear. The company now expects domestic Adjusted EBITDA to declineto a range of ($80 million) to $20 million for the fourth fiscalquarter, compared with $365 million in the year prior period. Forthe full year, Sears expects domestic Adjusted EBITDA loss between$(308) million and $(408) million, as compared to $557 millionlast year. Moody's expects full year cash burn (after capitalspending, interest and pension funding) to be around $1.2 billionin 2013 and we expect Sears' cash burn to remain well above $1billion in 2014. "Operating performance for fiscal 2013 ismeaningfully weaker than our previous expectations, and we expectnegative trends in performance to persist into 2014" said Moody'sVice President Scott Tuhy. He added "While Sears noted improvedengagement metrics for its "Shop Your Way" Rewards program,Moody's remains uncertain when these improved engagement metricswill lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor'sRatings Services affirmed its ratings on the Hoffman Estate, Ill.-based Sears Holdings Corp., including the 'CCC+' corporate creditrating.

SG BLOCKS: Incurs $357K Net Loss in First Quarter-------------------------------------------------SG Blocks, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $357,000 on $402,000 of revenue for the three months ended March31, 2015, compared to a net loss of $518,000 on $1.03 million forthe same period in the prior year.

The Company's balance sheet at March 31, 2015, showed $1.58 millionin total assets, $5.22 million in total liabilities and totalstockholders' deficit of $3.64 million.

Through March 31, 2015, the Company has incurred an accumulateddeficiency since inception of $11.09 million. At March 31, 2015,the Company had a cash balance of $578,592. The Company expectsthat through the next 10 to 16 months, the capital requirements tofund the Company's growth will consume all of the cash flows thatit expects to generate from its operations, as well as any proceedsof any other issuances of senior convertible debt securities. TheCompany further believes that during this period, while the Companyis focusing on the growth and expansion of its business, the grossprofit that it expects to generate from operations will notgenerate sufficient funds to cover expected operating costs. Accordingly, the Company requires further external funding tosustain operations and to follow through on the execution of itsbusiness plan. There is no assurance that the Company's plans willmaterialize and/or that the Company will be successful in fundingestimated cash shortfalls through additional debt or equity capitaland through the cash generated by the Company's operations. Giventhese conditions, the Company's ability to continue as a goingconcern is contingent upon it being able to secure an adequateamount of debt or equity capital to enable it to meet its cashrequirements. In addition, the Company's ability to continue as agoing concern must be considered in light of the problems, expensesand complications frequently encountered by entrants intoestablished markets, the competitive environment in which theCompany operates and the current capital raising environment. Since inception, the Company's operations have primarily beenfunded through proceeds from equity and debt financings and salesactivity. Although management believes that the Company has accessto capital resources, there are currently no commitments in placefor additional financing at this time, and there is no assurancethat the Company will be able to obtain funds on commerciallyacceptable terms, if at all. These factors, among others, raisesubstantial doubt about the Company's ability to continue as agoing concern.

The Company reported a net loss of $1.54 million on $6.04 millionof revenue for the year ended Dec. 31, 2014, compared with a netloss of $2.16 million on $5.73 million of revenue in the prioryear.

The Company's balance sheet at Dec. 31, 2014, showed $1.35 millionin total assets, $4.68 million in total liabilities and totalstockholders' deficit of $3.33 million.

SOCKET MOBILE: Reports $71.6K Net Loss in First Quarter-------------------------------------------------------Socket Mobile, Inc., filed its quarterly report on Form 10-Q,disclosing a net loss of $71,600 on $4 million of revenue for thethree months ended March 31, 2015, compared with a net loss of$71,424 on $3.8 million of revenues for the same period in theprior year.

The Company's balance sheet at March 31, 2015, showed $8.05 millionin total assets, $6.89 million in total liabilities, andstockholders' equity of $1.16 million.

Socket Mobile, Inc., is a producer of mobile cordless barcodescanners and handheld computers for the business mobility markets. The Newark, California-based Company offers easy-to-use softwaredeveloper kits to application developers that enable theintegration of its barcode scanning software into mobileapplications running on smart phones, tablets and mobilecomputers.

Following the 2014 results, Sadler, Gibb & Associates, LLC,expressed substantial doubt about the Company's ability to continueas a going concern, citing that the Company has an accumulateddeficit of $60.7 million and a working capital deficit.

The Company reported net income of $432,000 on $17.02 million ofrevenues for the year ended Dec. 31, 2014, compared with a net lossof $620,000 on $15.7 million of revenues in the prior year.

SOLAR POWER: Announces $50 Million Share Repurchase Program-----------------------------------------------------------Solar Power, Inc.'s Board of Directors has approved a program torepurchase up to US$50 million of SPI's common stocks over the nextsix-month period, ending on Dec. 7, 2015.

SPI expects to purchase its common stock on the open market, innegotiated transactions or otherwise in compliance with all of theconditions of Rule 10b-18 and Rule 10b5-1 under the SecuritiesExchange Act of 1934, as amended. The timing of the common stocksrepurchased will be at the discretion of management and will dependon a number of factors, including price, market conditions andregulatory requirements. SPI retains the right to limit, terminateor extend the share repurchase program at any time without priornotice.

Xiaofeng Peng, chairman of SPI stated, "The implementation of ourshare repurchase program reflects the confidence that our Board andmanagement have in SPI's growth prospects and our commitment toenhance value for our shareholders while retaining adequateflexibility for future growth."

About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solarenergy facility developer offering its own brand of high-quality, low-cost distributed generation and utility-scale SEFdevelopment services. Primarily, the Company works directly withand for developers around the world who hold large portfolios ofSEF projects for whom it serves as an engineering, procurement andconstruction contractor. The Company also performs as anindependent, turnkey SEF developer for one-off distributedgeneration and utility-scale SEFs.

Solar Power reported a net loss of $5.19 million in 2014, a netloss of $32.2 million in 2013 and a net loss of $25.4 million in2012.

As of March 31, 2015, the Company had $649 million in total assets,$379 million in total liabilities and $270 million in total equity.

SPHERIX INC: Reports $4.09-Mil. Loss in First Quarter-----------------------------------------------------Spherix Incorporated filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $4.09 million on $2,000 of revenues for the three months endedMarch 31, 2015, compared with a net loss of $7.96 million on $4,000of revenues for the same period last year.

The Company's balance sheet at March 31, 2015, showed $57.4 millionin total assets, $1.84 million in total liabilities, $5.93 millionin redeemable preferred stock, and total stockholders' equity of$49.6 million.

As a result of the Company's recurring operating losses, netoperating cash flow deficits and remaining obligations relating tothe redemption of its Series I preferred Stock, there issubstantial doubt about the Company's ability to continue as agoing concern.

The Company reported a net loss of $30.5 million on $10,000 ofrevenues for the year ended Dec. 31, 2014, compared to a net lossof $18.0 million on $27,000 of revenues in the prior year.

Marcum LLP expressed substantial doubt about the Company's abilityto continue as a going concern, citing that the Company hasincurred significant losses and needs to raise additional funds tomeet its obligations and sustain its operations.

STANDARD REGISTER: Files Schedules of Assets and Liabilities------------------------------------------------------------The Standard Register Company filed with the U.S. Bankruptcy Courtfor the District of Delaware its schedules of assets andliabilities, and statement of financial affairs, disclosing:

A full-text copy of the Debtor's schedules and statements isavailable for free at http://is.gd/PE0a0L

About Standard Register

Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow,content and analytics solutions to address the changing businesslandscape in healthcare, financial services, manufacturing andretail markets. The Company has operations in all U.S. states andPuerto Rico, and currently employs 3,500 full-time employees and 16part-time employees.

The Standard Register Company and 10 affiliated debtors soughtChapter 11 protection in Delaware on March 12, 2015, with plans tolaunch a sale process where its largest secured lender would serveas stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L. Shannonand are jointly administered under Case No. 15-10541.

Andrew R. Vara, U.S. trustee for Region 3, appointed sevencreditors to serve on the Official Committee of Unsecured Creditorsfor the Debtors' bankruptcy cases. Lowenstein Sandler LLPrepresents the Committee.

STANDARD REGISTER: Proposes Up to $4.3MM Bonuses to Key Employees-----------------------------------------------------------------The Standard Register Company and its affiliated debtors seekpermission from the U.S. Bankruptcy Court for the District ofDelaware to pay incentive bonuses to certain employees throughtheir s key employee incentive plan.

The Debtors explained that they need approval of the key employeeincentive plan (KEIP) to maximize their financial condition, sellthe so-called "Transferred Assets," and meet theirdebtor-in-possession duties during their Chapter 11 cases. Theseneeds cannot be met without the support of the KEIP Participants asthe KEIP Participants' advanced skill and institutional knowledgeare critical to the Debtors' efforts to maximize value for allinterested parties, Michael R. Nestor, Esq., at Young ConawayStargatt & Taylor, LLP, in Wilmington, Delaware, tells the Court.

Mr. Nestor assures the Court that the KEIP is designed to "achievethe desired performance." The maximum amount that couldpotentially be paid under the KEIP is approximately $4.3 million,and payments under the KEIP would only reach that amount in theevent that the Debtors' ambitious revenue and EBITDARP goals arenot only met, but surpassed. Moreover, any payout under the KEIPwill ultimately be the Buyer's responsibility, as payment iscontingent on the Buyer making KEIP payments or assuming theseresponsibilities in conjunction with the Sale, Mr. Nestor says. Heasserts that the KEIP is properly characterized as aperformance-based, EBITDARP and revenue driven incentive plan --not a retention plan for insiders.

Andrew R. Vara, Acting United States Trustee for Region 3, objectsto the motion, complaining that the Debtors did not disclosepublicly in the KEIP motion the KEIP participants' names, jobtitles, responsibilities, current salaries, and proposed incentivepayment amounts, nor do they disclose the actual revenue andEBITDARP goals that will entitle KEIP participants to incentivepayments. Further, the U.S. Trustee complains that the Debtors donot explain in the KEIP Motion how the revenue and EBITDARP targetswere established, leaving the U.S. Trustee, the Court, and otherparties-in-interest to speculate on the degree of difficulty inachieving those targets and whether those performance goalsvirtually guarantee the KEIP Participants will receive paymentsunder the KEIP.

Moreover, the U.S. Trustee argues that the Debtors did not provideinformation on any possible correlation or difference between thefinancial performance goals under the KEIP and the financialperformance covenants established under the extantdebtor-in-possession financing. The Debtors do not disclose in theKEIP Motion the dates and amounts of any bonuses or incentivecompensation already paid to KEIP Participants during the one-yearperiod preceding the petition date and disclose whether the KEIP isin lieu of, or in addition to, other bonuses or incentivecompensation that may be earned by KEIP Participants, the U.S.Trustee says.

The Debtors, in response to the U.S. Trustee's objection, explainthat the KEIP was developed as a reasonable, cost-effective way toappropriately incentivize certain personnel who are essential torealizing the Debtors' goals. The Debtors argue that the KEIPmeets the business judgment standard and is justified by the uniquefacts and circumstances of the Chapter 11 Cases.

Mr. Nestor asserts that the Debtors' ability to preserve the valueof their assets would be severely undermined if they are unable toproperly incentivize certain critical employees as theseindividuals are intimately familiar with Debtors' business and theSale Process, which makes them so critical to the Debtors' businessthat the Debtors must retain them even if they are not fullycommitted to the job. Moreover, Mr. Nestor says the cost of theKEIP is minimal, especially given (i) the value to be realized fromthe achievement of the Debtors' Revenue and EBITDARP goals, (ii)the potential for securing higher or otherwise better offers forthe Transferred Assets, and (iii) the fact that the Buyer will bearthe cost of the KEIP. The KEIP Participants are essential topreserving the Debtors' business value pending the Sale and theKEIP will properly incentivize the KEIP Participants to doeverything in their power to maintain and increase businessperformance and stem any further business deterioration, Mr. Nestoradds.

market-specific insights and a compelling portfolio of workflow,content and analytics solutions to address the changing businesslandscape in healthcare, financial services, manufacturing andretail markets. The Company has operations in all U.S. states andPuerto Rico, and currently employs 3,500 full-time employees and16part-time employees.

The Standard Register Company and 10 affiliated debtors soughtChapter 11 protection in Delaware on March 12, 2015, with plans tolaunch a sale process where its largest secured lender would serveas stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.Shannonand are jointly administered under Case No. 15-10541.

Andrew R. Vara, Acting United States Trustee for Region 3, hasappointed seven members to the official committee of unsecuredcreditors in the Chapter 11 cases of The Standard Register Companyand its debtor affiliates. The Committee is represented by KennethA. Rosen, Esq., Sharon L. Levine, Esq., Andrew Behlmann, Esq., atLowenstein Sandler LLP, in Roseland, New Jersey; Gerald C. Bender,Esq., at Lowenstein Sandler LLP, in New York; and Christopher A.Ward, Esq., and Justin K. Edelson, Esq., at Polsinelli PC, inWilmington, Delaware.

TELEXFREE LLC: Meeting of Creditors May Be Scheduled in Two Months------------------------------------------------------------------Stephen B. Darr, trustee in the Chapter 11 bankruptcy case ofTelexFree LLC, said that he now has enough information to schedulea creditors meeting in the next two months, Lisa Eckelbecker,writing for Telegram.com, reports.

Telegram.com relates that the U.S. Securities and ExchangeCommission is pursuing civil charges against the Company. Thereport says that the U.S. attorney in Boston has accused theCompany's principals, Carlos Wanzeler and James Merrill, of wirefraud. According to the report, Mr. Wanzeler allegedly fled to hisnative Brazil in 2014 and remains at large, while Mr. Merrill isfree on house arrest until trial.

U.S. Bankruptcy judge Melvin S. Hoffman has approved Mr. Darr'srequests for $3 million in fees and expenses for the lawyers andfinancial consulting firms that have been assisting him,Telegram.com adds.

About TelexFREE

TelexFREE -- http://www.TelexFREE.com/-- is a telecommunications business that uses multi-level marketing to assist in thedistribution of voice over internet protocol telephone services. TelexFREE's retail VoIP product, 99TelexFREE, allows for unlimitedinternational calling to seventy countries for a flat monthly rateof $49.90. TelexFREE has over 700,000 associates or promotersworldwide.

The company believes the sales of the 99TelexFREE product, theTelexFREE "app," and other new products will ultimately provesuccessful and profitable. The company is struggling, however,with several factors that required it to seek chapter 11protection. First, the Company experienced exponential growth inrevenue between 2012 and 2013 (from de minimus amounts to over$1 billion), which put tremendous pressure on the Company'sfinancial, operational and management systems. Second, althoughthe company revised its original compensation plan to promoters inorder to address certain questions that were raised regarding suchplan, the company believes that the plans need to be furtherrevised. Finally, the trailing liabilities arising from theoriginal compensation plan are difficult to quantify and haveresulted in substantial asserted liabilities against the company,a number of which may not be valid.

TelexFREE, LLC, estimated $50 million to $100 million in assetsand $100 million to $500 million in liabilities.

TelexFREE is facing accusations of operating a $1 billion-pluspyramid scheme.

In May, the Court approved the motion by the U.S. Securities &Exchange Commission to transfer the venue of the Debtors' cases tothe U.S. Bankruptcy Court, District of Massachusetts (Bankr. D.Mass. Case Nos. 14-40987, 14-40988 and 14-40989). The Courtentered an order in relation to the venue transfer stating thatthe cases remain jointly administered, and KCC will continue toserve as claims processing agent.

The Debtors had opposed to the motion, stating that while the SECcontends that the Massachusetts Bankruptcy Court is moreconvenient for the SEC, the SEC has failed entirely to meet itsburden to show that the Massachusetts Bankruptcy Court is betterthan the Nevada Bankruptcy Court for administration of the Chapter11 Cases. The Debtors chose the Nevada Bankruptcy Court because,inter alia, TelexFREE Nevada, a Nevada entity, is a counter-partyto more than 700,000 contracts governed by Nevada law.

A creditors' committee has not yet been appointed in the Chapter11 Cases.

THERAPEUTICSMD INC: Completes Enrollment in The Rejoice Trial-------------------------------------------------------------TherapeuticsMD Inc. has completed patient enrollment in The RejoiceTrial, a phase 3 clinical trial of TX-004HR (estradiol in VagiCap)to evaluate multiple doses of an investigational, applicator-freevaginal estradiol for the treatment of pain during sexualintercourse (dyspareunia), a symptom of vulvar and vaginal atrophy(VVA), due to menopause.

TX-004HR is an investigational bio-identical estradiol softgelcapsule administered vaginally without the need for an applicator.The Rejoice Trial is also collecting efficacy data on vaginaldryness, and vaginal and/or vulvar itching or burning.

"Recent studies have shown that current therapies used to treat VVAgenerate some concerns from women with respect to their efficacy,convenience and safety," stated Sebastian Mirkin, MD., chiefmedical officer of TherapeuticsMD. "TX-004HR was designed to tryto address these unmet needs. Completion of patient recruitment inthe Rejoice Trial marks an important milestone in our developmentefforts and we look forward to disclosing topline results from theRejoice Trial later this year."

Trial Design

A pivotal safety and efficacy study, the Rejoice Trial is arandomized, multicenter, double-blind, placebo-controlled studyevaluating three strengths of TX-004HR - 4 mcg, 10 mcg and 25 mcg.The 4 mcg strength represents a new low-dose option. The 12-weektrial enrolled over 700 participants in approximately 100 sitesacross the United States and Canada.

About Vulvar and Vaginal Atrophy (VVA)

VVA is a chronic condition resulting from the decrease in naturallyoccurring estrogen during menopause, resulting in thinning of thevaginal lining and an increase in vaginal pH levels. Approximatelyhalf of postmenopausal women report having symptoms of VVA.[1] Intotal, an estimated 32 million women in the United States arecurrently suffering from symptoms of VVA[2], and only 2.3 million(7%) are currently being treated with prescription therapy.1,[3]The burden of VVA in the United States is likely to increase due toaging of the population.[4] Furthermore, due to increasinglongevity, women may now suffer from VVA or other conditionsrelated to decreased reproductive hormone levels for over one-thirdof their lives.

About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is awomen's healthcare product company focused on creating andcommercializing products targeted exclusively for women. TheCompany currently manufactures and distributes branded and genericprescription prenatal vitamins as well as over-the-countervitamins and cosmetics. The Company is currently focused onconducting the clinical trials necessary for regulatory approvaland commercialization of advanced hormone therapy pharmaceuticalproducts designed to alleviate the symptoms of and reduce thehealth risks resulting from menopause-related hormonedeficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02million of net revenues for the year ended Dec. 31, 2014, comparedwith a net loss of $28.4 million on $8.77 million of net revenuesfor the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $99.5 million in totalassets, $11.8 million in total liabilities, and $87.7 million intotal stockholders' equity.

TRANSGENOMIC INC: Expands Board of Directors and Executive Team---------------------------------------------------------------Transgenomic, Inc., announced that Mya Thomae has been named to itsBoard of Directors and Harjit Kullar, PhD, has been appointed vicepresident of marketing for the Biomarker Discovery and GeneticAssays and Platforms business units.

Ms. Thomae is currently vice president of regulatory affairs atIllumina, which acquired her regulatory and quality consulting firmin 2014. Dr. Kullar joins Transgenomic from Bio-Rad Laboratories.

"Mya Thomae is a terrific addition to our Board, and we are veryhappy to have her as a director," said Robert Patzig, Chairman ofTransgenomic. "Mya's reputation for regulatory expertise andinsight is well known within the industry. Her knowledge andexperience will be especially valuable as we continue to expand themarket for use of our revolutionary Multiplexed ICE COLD-PCRtechnology into the clinical diagnostics arena."

"Harjit Kullar's record of success at industry leaders ThermoFisher, Life Technologies and Bio-Rad makes him a terrific recruitfor Transgenomic," noted Paul Kinnon, president and CEO ofTransgenomic. "His marketing and business development experienceare at the forefront of the genomics tools and services industryand will be invaluable as we bring MX-ICP technologies and productsonline."

Before joining Illumina, Ms. Thomae was founder and chief executiveofficer of Myraqa, a boutique diagnostics regulatory consultingfirm. Myraqa provides counsel on regulatory development andclinical validation of in vitro and laboratory-developed diagnosticproducts. Myraqa was acquired by Illumina in 2014 and continues tooffer regulatory consulting services under the Myraqa brand. Previously, Ms. Thomae served as an independent regulatoryconsultant to diagnostics companies. Earlier in her career, she wasa regulatory affairs manager at Chiron Corporation and at Epitope,Inc. Ms. Thomae received a bachelor's degree from the Universityof Wisconsin-Madison.

Ms. Thomae stated, "This is an exciting time in our industry, withrapid technology advances and the advent of personalized andprecision medicine making diagnostics ever more central to 21stcentury healthcare. Transgenomic is committed to using its uniqueICE COLD-PCR technology to help speed widespread adoption ofprecision medicine as part of routine care, and I look forward tothe opportunity to contribute at this important time for thecompany."

Dr. Kullar joins Transgenomic from Bio-Rad, where he served asContent Marketing Leader for cross-functional global digital andweb-based initiatives. Prior to Bio-Rad, he was Director ofProduct Marketing, Genomics, at Thermo Fisher Scientific, where heled a global marketing team that successfully launched more than 30product lines, including PCR, gene expression and other molecularbiology products. Previously, Dr. Kullar was promoted from Managerto Director of Market Development, Primary & Stem Cell Systems, atLife Technologies, where he and his global marketing teamsuccessfully launched more than 16 new product lines and played akey role in the success of initiatives to deliver commercialprograms with annual growth approaching 25%. Dr. Kullar began hiscommercial career as Director of Sales at LifeSpan Biosciences,where he closed the single largest sale in the company's historyand negotiated more than 50 contract research studies in a two-yearperiod. Dr. Kullar received a BSc. degree from the University ofSouthampton, a PhD in Cancer Biology from the University ofBirmingham and an MBA from the Judge Business School, University ofCambridge, all in the UK. He did post-doctoral research at CancerResearch UK and at the Fox Chase Cancer Center.

Dr. Kullar noted, "With the launch of its first products andservices based on ICE COLD-PCR, I believe Transgenomic has theopportunity to achieve important gains in the marketplace, whilehelping to speed industry adoption of genomic-based personalizedapproaches in R&D and clinical practice. I welcome the chance tocontribute to the ongoing transformation of both the company andthe markets we serve."

Transgenomic also announced the launch of a new corporate website.Mr. Kinnon commented, "Our ongoing process of transformingTransgenomic into a provider of innovative biotechnology-based,products and services requires a website that provides ready accessto information about our growing portfolio of products and servicesin an attractive and highly functional format. We are delightedwith our new portal and invite our many customers, collaborators,industry colleagues and investors to visit, take a 'test drive,'and let us know what you think."

On June 8, 2015, in connection with her appointment to the Board,Ms. Thomae was granted an option to purchase 5,000 shares ofTransgenomic's common stock with an exercise price of $1.98, whichwill vest in full on the one-year anniversary of the date of grant,subject to Ms. Thomae's continued service with Transgenomic throughthe vesting date. In accordance with Transgenomic's independentdirector compensation policy, Ms. Thomae will be entitled toreceive an annual retainer of $20,000 for her service on the Boardand reimbursement for out-of-pocket expenses related to attendanceat Board meetings.

biotechnology company advancing personalized medicine incardiology, oncology, and inherited diseases through itsproprietary molecular technologies and world-class clinical andresearch services. The Company is a global leader in cardiacgenetic testing with a family of innovative products, includingits C-GAAP test, designed to detect gene mutations which indicatecardiac disorders, or which can lead to serious adverse events.Transgenomic has three complementary business divisions:Transgenomic Clinical Laboratories, which specializes in moleculardiagnostics for cardiology, oncology, neurology, and mitochondrialdisorders; Transgenomic Pharmacogenomic Services, a contractresearch laboratory that specializes in supporting all phases ofpre-clinical and clinical trials for oncology drugs indevelopment; and Transgenomic Diagnostic Tools, which producesequipment, reagents, and other consumables that empower clinicaland research applications in molecular testing and cytogenetics.Transgenomic believes there is significant opportunity forcontinued growth across all three businesses by leveraging theirsynergistic capabilities, technologies, and expertise. TheCompany actively develops and acquires new technology and otherintellectual property that strengthens its leadership inpersonalized medicine.

Transgenomic reported a net loss available to common stockholdersof $15.1 million in 2014, a net loss available to commonstockholders of $16.7 million in 2013 and a net loss available tocommon stockholders of $8.98 million in 2012.

As of March 31, 2015, the Company had $34.5 million in totalassets, $24.4 million in total liabilities and $10 million intotal stockholders' equity.

Ernst & Young LLP, in Hartford, Connecticut, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has recurringlosses from operations that raise substantial doubt about itsability to continue as a going concern.

TRUE DRINKS: Reports $2.28-Mil. Net Loss in First Quarter---------------------------------------------------------True Drinks Holdings, Inc., filed its quarterly report on Form10-Q, disclosing a net loss of $2.28 million on $765,000 ofrevenues for the three months ended March 31, 2015, compared with anet loss of $3.60 million on $651,000 of revenue for the sameperiod in 2014.

The Company's balance sheet at March 31, 2015, showed $7.53 millionin total assets, $5.09 million in total liabilities, andstockholders' equity of $2.43 million.

The Company's auditors have included a paragraph in their report onconsolidated financial statements, included in its annual report onForm 10-K for the fiscal year ended Dec. 31, 2014, indicating thatthere is substantial doubt as to the ability of the Company tocontinue as a going concern. For the three months ended March 31,2015, the Company incurred a net loss of $2.27 million. At March31, 2015, the Company has negative working capital of $2.36 millionand an accumulated deficit of $20.6 million.

TRUMP ENTERTAINMENT: Regulator Allows Carl Icahn to Own Taj Mahal-----------------------------------------------------------------David Madden, writing for CBS Philly, reports that New Jersey'sCasino Control Commission voted unanimously to approve theapplication of Carl Ichan, who is trading $286 million in debt intoownership of Trump Entertainment, to take control of the Trump TajMahal.

CBS quoted Commission Chairman Matt Levinson as saying, "Does hequalify to hold a license in the state of New Jersey to run the TajMahal. With integrity, financial stability, we found that him andhis corporation were."

CBS relates that Mr. Icahn plans to spend up to a $100 million toimprove Taj Mahal.

According to the Associated Press, Mr. Ichan has been locked in abattle with Local 54 of the Unite-HERE, the city's main casinoworkers' union, over the elimination of health insurance andpension plans that Trump Entertainment made in October 2014, andhas threatened to close down the casino if the Union succeeds ingetting a court to restore the benefits, which he describes asunaffordable.

About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic CityBoardwalk casinos that bear the name of Donald Trump, returned toChapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept.9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotelslocated in Atlantic City, New Jersey. TER said it will close theTrump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent unionconcessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the jointadministration of their Chapter 11 cases and the consolidationthereof for procedural purposes only. Judge Kevin Gross presidesover the Chapter 11 cases.

TER estimated $100 million to $500 million in assets as of thebankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principalplus accrued but unpaid interest of $6.6 million under a first liendebt issued under their 2010 bankruptcy-exit plan. The Debtorsalso have trade debt in the amount of $13.5 million.

TER and its affiliated debtors own and operate two casino hotelslocated in Atlantic City, New Jersey. TER said it will close theTrump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent unionconcessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the jointadministration of their Chapter 11 cases and the consolidationthereof for procedural purposes only. Judge Kevin Gross presidesover the Chapter 11 cases.

TER estimated $100 million to $500 million in assets as of thebankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principalplus accrued but unpaid interest of $6.6 million under a firstlien debt issued under their 2010 bankruptcy-exit plan. TheDebtors also have trade debt in the amount of $13.5 million.

TWIN RINKS: Proposes Jones & Schwartz as Counsel------------------------------------------------Twin Rinks At Eisenhower, LLC, asks the U.S. Bankruptcy Court forthe Eastern District of New York for approval to employ Jones &Schwartz, P.C., as counsel.

J&S has extensive experience and knowledge in the field of debtor'sand creditors' rights and is well-qualified to represent the Debtorin the Chapter 11 case.

J&S will charge the Estate for its legal services on an hourlybasis in accordance with its ordinary and customary rates:

Hourly Rate ----------- Partners and of Counsel $630 Paralegals $255

The Debtor believes that J&S is a disinterested person for theEstate as defined in Section 101(14) of the Bankruptcy Code.

J&S will apply to the Court for allowance of compensation andreimbursement of expenses in accordance with applicable provisionsof the Bankruptcy Code, the Bankruptcy Rules, the Local BankruptcyRules and orders of the Court.

About Twin Rinks

Twin Rinks At Eisenhower, LLC, an East Meadow, New York-based iceskating rink operator and entertainment business, sought Chapter 11bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-72466) on June8, 2015, with plans to sell its business and its assets as a goingconcern.

The Debtor disclosed $52.4 million in assets and $55.2 million indebt as of May 25, 2015.

TWIN RINKS: Taps Greenspan as Accountants-----------------------------------------Twin Rinks At Eisenhower, LLC, asks the U.S. Bankruptcy Court forthe Eastern District of New York for approval to employ GreenspanAssociates, CPAs, PC, as accountants, under a general retainer,pursuant to Section 327(a) of the Bankruptcy Code.

Greenspan will be required to render, among other things, theseservices to the Debtor:

(a) to give accounting advice with respect to the Debtor’spowers and duties;

(b) to analyze all transfers pre- and post-petition that may beavoidable by the Debtor;

(c) to analyze all claims filed against the Debtor’s estate;

(d) to prepare all necessary operating statements, schedules andtax documents for filing and reviewing proposed transactionsconcerning any tax consequences; and

(e) to perform any other accounting services for the Debtor inconnection with the Chapter 11 cases.

The current hourly rates which Greenspan has informed the Debtor itcharges for the accounting services of its professionals are:

Hourly Rate ----------- Principals $275 Senior Staff $100 to $200

Greenspan has informed the Debtor that it is a "disinterestedperson" as defined by Section 101(14), and used in Section 327(a)of the Bankruptcy Code.

About Twin Rinks

Twin Rinks At Eisenhower, LLC, an East Meadow, New York-based iceskating rink operator and entertainment business, sought Chapter11bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-72466) on June8, 2015, with plans to sell its business and its assets as a goingconcern.

The Debtor disclosed $52.4 million in assets and $55.2 million indebt as of May 25, 2015.

UROLOGIX INC: Has $349K Net Loss in Q3 Ended March 31-----------------------------------------------------Urologix, Inc., filed its quarterly report on Form 10-Q, disclosinga net loss of $349,000 on $2.8 million of revenues for the threemonths ended March 31, 2015, compared with a net loss of $1.66million on $3.36 million of revenues for the same period in theprior year.

The Company's balance sheet at March 31, 2015, showed $5.02 millionin total assets, $13.09 million in total liabilities, and astockholders' deficit of $8.06 million.

Urologix, Inc., develops, manufactures, and markets non-surgical,office-based therapies for the treatment of the symptoms andobstruction resulting from non-cancerous prostate enlargement.The Company's products include the Cooled ThermoTherapy(TM) (CTT)product line and the Prostiva(R) Radio Frequency (RF) TherapySystem.

The Company reported a net loss of $7.61 million on $14.23 millionof sales for the fiscal year ended June 30, 2014, compared with anet loss of $4.29 million on $16.59 million of sales last year.

WBH ENERGY: Castlelake Withdraws Bid to Convert Case to Chapter 7-----------------------------------------------------------------CL III Funding Holding Company, LLC (Castlelake) notified the U.S.Bankruptcy Court for the Western District of Texas that it haswithdrawn the motion to convert the Chapter 11 case of WBH EnergyLP, et al., to that under Chapter 7 of the Bankruptcy Code. In seeking the conversion, Castlake had stated that there is noreasonable possibility of a successful reorganization of theDebtors, as the Debtor LLC's limited unencumbered assets cannotproperly fund a plan of reorganization that is confirmable. Itpointed out that Debtor LLC's principal assets -- joint interestbilling accounts receivables -- are fully encumbered byCastlelake's valid, perfected liens and security interests. Theliens and security interests secure over $30 million of unpaid loandebt -- an amount far in excess of the collateral value.

WBH Energy, LP, and WBH Energy Partners estimated their assets andliabilities at between $10 million and $50 million each. WBHEnergy, LP disclosed $557,045 plus an unknown amount and$48,950,652 in liabilities as of the Chapter 11 filing. WBHEnergyGP estimated its assets at up to $50,000, and its liabilities atbetween $10 million and $50 million.

The U.S. Trustee for Region 7 appointed seven creditors to serve onthe official committee of unsecured creditors.

WET SEAL: No Objection to Plan Exclusivity Extension----------------------------------------------------Travis G. Buchanan, Esq., at Young Conaway Stargatt & Taylor, LLP,counsel for Seal123, Inc., f/k/a The Wet Seal, Inc., et al.,certified that as of the May 26, 2015 deadline, no objection wasfiled to the Debtors' request for an extension of their exclusiveperiod to propose a Chapter 11 plan.

The Debtors filed a motion asking the Court to extend theirexclusive periods to file a plan of liquidation until Aug. 13,2015, and solicit acceptances for that plan until Oct. 12, 2015.

According to Travis G. Buchanan, Esq., at Young Conaway Stargatt &Taylor, LLP, in Wilmington, Delaware, the Debtors, the OfficialCommittee of Unsecured Creditors, and Mador Lending, LLC, arecurrently exchanging drafts of the plan. The plan is subject tothe buyer's reasonable approval under its asset purchase agreementand its related letter agreement with the Debtors and theCommittee.

Halvorson and Isham worked together as leaders of the Minneapolishealth-care organization HealthPartners; Halvorson as chairman andCEO, and Isham as medical director and chief health officer. Fromtheir positions as leaders in the health-care field, they havegained a broad, thorough understanding of the structure, workings,and the problems of America's health-care system. Their "Epidemicof Care" written in a readable, lucid, jargon-free style is atimely work for anyone interested in the pressing matter ofsatisfactory health care in America. This includes governmentworkers, politicians, executives of HMOs and hospitals, andcritics of health care, to individuals making choices about theirown health care. It is a notable work both practical and visionarythat one hopes legislators and heads of HMOs will take in. ForHalvorson and Isham make their way through the dauntingcomplexities of today's health-care system to put their finger onits core problems and offer practicable solutions to these.

The two main problematic issues of contemporary health care arehealth-care costs and quality of care. These two authors offersolutions taking into consideration both of these. They put forthbalanced proposals instead of the many one-sided ones which stresscutting costs at the expense of care or favor care regardless ofcosts, costs usually born by government from tax revenues. In theauthors' comprehensive, balanced proposals, corporations andbusinesses of all sizes, government agencies, health-careorganizations of all types, state and local governments and healthorganizations, and also individuals work together cooperativelyfor the goal of affordable, effective, and widespread up-to-datehealth care.

Before outlining their program for dealing with the problems inhealth care, which are only growing worse in the present system,the authors relate information on different parts of today'ssystem most readers would not be aware of. Then they analyze it tofocus in on what is causing the problems in the particular area ofhealth care. In some cases, misconceptions held among the publicare cleared up, paving the way toward agreement on what are thereal problems and coming up with acceptable solutions for them.The percentage of the cost of HMO membership and insurancepremiums going for administration is one such misconception."People guess, in fact, that HMO and insurance administrationcosts are about 30 to 40 percent of premiums and that insurerprofits add another 10 to 20 percent of the total cost." Thismeans that anywhere from about 40 percent to 60 percent ofpayments for HMOs or insurance doesn't go for health care. Theauthors clear up this misconception giving rise to much confusionin trying to deal with the serious problems facing the health-carefield, as well as a good deal of resentment against HMOs andinsurance companies, by citing that "health plan administrativecosts, including profits and marketing, average from 5 to 30percent of total premium, depending on the plan." This leads tothe conclusion that it is not a sudden rise in administrativecosts or the greed of health-care providers that is mainlyresponsible for driving up the costs of health care and willcontinue to do so for the foreseeable future without effectivechange in the field. Rising costs of health care from newtechnologies, consumer expectations and demands, and also misuseof drugs and treatments making patients worse or prolonging theirmedical problems are the main reason for the rising costs. Thefrequent misuse of modern-day medicines and treatments cited bythe authors is an issue that is starting to receive attention inthe media.

The price of prescription drugs is one health-care issue alreadyreceiving much attention that the authors address. In thisdiscussion, they note that because of committees of physicians andpharmacologists set up by HMOs to identify which drugs were mosteffective for specific medical problems and set standards forprescribing these according to HMO policies, "all Americansbenefited from the new focus on drugs that actually work." Beforethese committees, eighty-four percent of drugs developed by thepharmaceutical companies were what were know as "class C" drugsthat were little better than placebos. As the authors note, inthose days not so long ago, drugs were being developed andmarketed more to generate sales than remedy medical conditions.The high cost Americans pay for prescription compared to buyers inother countries is another matter the two authors take up. Inthis, they take the position of American buyers of prescriptiondrugs by making the point that they should not be singled out tobear the disproportionate share of the research and marketingcosts going into the drug prices since numbers of persons incountries around the world gain health benefits from the drugs.The wasteful similarities between some prescription drugs, themisuse of some, and growing concerns over costs and use of thedrugs with persons under sixty-five are other topics dealt with inthe discussion and analysis of the issue of prescription drugs.

Halvorson and Isham's fair-minded overview and critique of today'sheath-care field should be read by anyone with an interest in andconcern about this field central to the quality of life ofAmericans and the economy. While they recognize that the field'sdysfunctions have such deep roots and thorny complexities that"there is no single villain responsible for our troubles and nosilver bullet to cure them," undoubtedly some and likely a numberof the two authors' approaches to resolving particular troubles oreven their solutions to certain problems will be adopted. There isjust no way out of the current health-care crisis other than theclear-sighted, comprehensive, cooperative way Halvorson and Ishampresent.

George Halvorson is currently chairman and CEO of KaiserPermanente, one of the U. S.'s largest health-care organizations.Isham continues as medical director and chief health officer ofHealthPartners.

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Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

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